U.S. spot Bitcoin ETFs posted five consecutive weeks of net outflows totaling about $3.8 billion through February 22, BlockBeats reports. The most recent week saw $315.9 million in net redemptions, while the week of January 30 recorded the largest single-week outflow at $1.49 billion. Some sessions logged net inflows—including roughly $88 million last Friday—but these were insufficient to offset prior redemptions. Since launch, cumulative net inflow stands at close to $54.01 billion and total AUM is about $85.31 billion, representing roughly 6.3% of Bitcoin's market value; spot Ethereum ETFs also posted five consecutive weeks of outflows, with about $123.4 million in the latest week.

Bitcoin's apparent demand turned positive for the first time in three months. The shift marks the end of a three-month period without positive readings for the metric.

Bitcoin is trading just below a concentrated short liquidity band between $69,000 and $70,000, which analyst Bitcoinsensus describes as a potential "liquidity magnet" that could support an upside move toward $70K. A 3-day liquidation heatmap shared by Bitcoinsensus on Feb. 20, 2026 shows heavy short liquidity stacked near $69K–$70K, with price action grinding upward and compressing beneath this cluster. Clearing these shorts could spark a breakout if buying pressure and momentum increase above the $69,000–$70,000 range, the analyst noted.

Bitcoin apparent demand returned to positive territory for the first time in three months, market data show. The shift ends a three-month stretch of subdued or negative demand for the cryptocurrency.

Spot Bitcoin ETFs in the United States recorded five consecutive weeks of outflows totaling $3.8 billion. Investors withdrew $316 million last week, while the largest weekly outflow reached $1.49 billion in the week ending Jan. 30.

More than 400,000 Bitcoin were accumulated in the $60,000 to $70,000 price range. This concentration serves as a buffer that absorbs selling pressure during market pullbacks.

Spot bitcoin exchange-traded funds recorded outflows for five consecutive weeks, the first such streak since March 2025. The run marks the longest period of sustained redemptions for these products this year.

Bitcoin's selloff earlier this month and its trading range between $65,000 and $70,000 suggest the market may be near a cyclical bottom, K33 Research head of research Vetle Lunde said, drawing parallels to late September and mid-November 2022 when BTC traded between $15,000 and $20,000 about 70% below its 2021 peak. K33's regime model, which blends derivatives metrics, ETF flows, technical indicators and macro signals, points to a trough, with spot volumes down 59% week-over-week, perpetual futures open interest at a four-month low, and funding rates negative as speculative excess is flushed out. U.S.-listed bitcoin ETFs have shed 103,113 BTC in exposure since early October, though more than 90% of peak BTC-denominated exposure remains intact after a nearly 50% retrace, while the Crypto Fear and Greed Index fell to a record low of 5 last week and stayed below 10 for most of the week. Lunde said bitcoin is likely near or at a global bottom but could consolidate between $60,000 and $75,000 for an extended period, and he, along with on-chain analyst and Checkonchain cofounder James Check, argued that such sideways regimes historically offer attractive accumulation opportunities for long-term investors even as explosive upside phases often occur in brief repricing bursts that are difficult to time.

Cumulative long liquidations on major centralized exchanges will reach $1.121 billion if BTC falls below $65,082, Coinglass data cited by ChainCatcher show. Cumulative short liquidations will reach $853 million if BTC breaks above $71,401.