Key Highlights
- BTC declined beneath the $67,000 threshold Thursday amid broader market risk aversion
- Spot Bitcoin ETFs in the United States attracted $506 million, marking the strongest daily performance in 14 days
- BlackRock acquired approximately 4,309 BTC valued at $289.6 million in a single trading hour
- Wallet addresses holding 100+ BTC have grown to nearly 20,000, signaling bullish accumulation according to Santiment
- Selling pressure from profit-takers continues to prevent Bitcoin from breaking above $70,000
Bitcoin retreated beneath the $67,000 level Thursday, giving back some of Wednesday’s impressive rally that delivered gains exceeding 6%.
The decline mirrored broader weakness across Wall Street, where even robust earnings from Nvidia couldn’t buoy technology stocks. This risk-averse environment extended into digital asset markets.
At press time, Bitcoin was changing hands near $66,900, representing a daily decline of approximately 1.6% based on TradingView data.
The previous day’s rally stemmed primarily from opportunistic buyers stepping in after Bitcoin’s substantial 50% correction from its October peak. Overleveraged short positions also contributed to the move higher, creating a classic short squeeze scenario.
Coinglass data revealed that $468.7 million worth of short positions were liquidated during a 24-hour period.
However, Thursday’s modest price decline masked significant institutional accumulation activity. Spot Bitcoin ETFs in the United States collectively recorded net inflows of $506.51 million on February 25, representing the strongest daily performance in two weeks, per SoSoValue data.
Institutional Appetite Strengthens
BlackRock’s IBIT dominated the inflow activity with $297.37 million in net deposits. Fidelity’s FBTC contributed $30.09 million, while Grayscale’s GBTC registered $102.49 million. Bitwise’s BITB accounted for $39.37 million.
BlackRock executed an additional substantial acquisition on February 26, accumulating roughly 4,309 BTC worth approximately $289.6 million in just sixty minutes. These transfers originated from Coinbase Prime hot storage and moved into IBIT custody wallets.
Eric Balchunas, Bloomberg’s ETF analyst, observed that the renewed demand arrives at a critical juncture following extended outflow periods, though he cautioned it’s premature to determine whether this represents a durable trend reversal or temporary bounce.
CryptoQuant’s Julio Moreno stated on X: “Bitcoin spot demand is growing for the first time since late November.”
Large Holder Accumulation Points to Optimism
Santiment, a cryptocurrency analytics service, highlighted that 19,993 distinct wallet addresses now hold 100 BTC or more as of Thursday, approaching the psychologically significant 20,000 threshold.
The analytics firm characterized this development as evidence of “less extreme consolidation,” indicating Bitcoin ownership is spreading among a broader base of substantial holders instead of concentrating within a narrow cohort.
Nevertheless, Santiment acknowledged that the aggregate supply percentage controlled by this category remains stable, suggesting certain veteran holders continue distributing their positions. “This is why prices have stayed suppressed,” the platform explained.
Glassnode, another blockchain analytics provider, indicated that profit-taking activity has consistently halted upward momentum whenever Bitcoin approaches $70,000 throughout February.
The Coinmarketcap fear and greed index persisted in “extreme fear” territory as of Thursday, maintaining the same reading from earlier in the week.
Bitcoin has declined roughly 24.59% over the trailing 30-day period and approximately 47% from its all-time high established in October.
