Bitdeer Technologies has sold its full Bitcoin treasury, liquidating 943.1 BTC from reserves and 189.8 BTC in newly mined coins, bringing its BTC balance to zero. The proceeds are being redirected into data center build-out, AI cloud infrastructure, and broader corporate purposes, signaling a strategic pivot from holding Bitcoin to scaling infrastructure.

Nearly 3 million Bitcoin, valued at about $200 billion and representing 15% of circulating supply, are still held on centralized exchanges, with a significant share concentrated on a few major platforms. Data indicates Binance controls around 30% of exchange-held BTC, while Coinbase Pro holds roughly 792,000 BTC, highlighting how liquidity and trading activity remain centered on large venues despite the FTX collapse and ongoing self-custody messaging.

Michael Saylor hinted at another Bitcoin purchase by posting the firm's accumulation chart on X with the caption "The Orange Century" as BTC traded below $68,000. On February 17, Strategy bought 2,486 BTC for $168.4 million at $67,710, bringing holdings to 717,131 BTC acquired for $54.52 billion, with a $76,027 average and about $5.8 billion unrealized decline.

Strategy executive chairman Michael Saylor signaled on social media that another Bitcoin purchase may be coming. On Feb. 17, the company disclosed a roughly $168 million buy, bringing its holdings to 717,131 BTC and pushing toward 750,000. Per CoinGecko, BTC trades near $67,359, below Strategy's $76,000 average cost.

According to CryptoOnchain via CryptoQuant QuickTake, TRC-20 USDT balances on Binance climbed from about $385 million on December 24 to roughly $5.2 billion by February 21. The analyst said the jump coincided with Bitcoin and Ethereum testing key supports, implying liquidity rotation and positioning. Bitcoin was around $67,971 at the time of writing.

According to recent CFTC data, non-commercial traders in CME Bitcoin futures have flipped from a net long of about 1,000 contracts to a net short position of roughly -1,600, a pattern that previously aligned with a 70% BTC rally in 2025 and a 190% gain in 2023. As Bitcoin trades near its 200-week EMA and with its weekly RSI in oversold territory, analysts see scope for a rebound toward the 100-week EMA around $85,000, while warning that a repeat of the 2022 breakdown could still drag prices toward the $40,000–$50,000 area.

Since late December, monthly whale-sized stablecoin transfers to Binance climbed from about $27 billion to roughly $43 billion as Bitcoin revisited the $60,000 area. Between 12 and 15 February, realized losses totaled about $2.3 billion, and on 20 February large holders moved 6,317 BTC and 5,000 BTC to Binance, reinforcing bids around that band.

Satoshi Nakamoto is estimated to control about 1.1 million BTC, a stake that outweighs the holdings of major exchanges, corporations and governments. Coinbase, Binance, BlackRock, Strategy, Tether, and several public firms collectively manage large on-chain balances, while the United States, China, the United Kingdom, Ukraine, and Germany have accumulated or seized substantial amounts of Bitcoin in recent years.