Key Highlights
- Bitcoin price retreated to levels under $67,000 during Thursday trading amid broader market weakness
- Spot Bitcoin ETFs in the United States attracted $506 million in fresh capital, marking a two-week peak
- BlackRock acquired approximately 4,309 BTC valued at $289.6 million during a 60-minute period
- Wallet addresses holding 100+ BTC have expanded to nearly 20,000, signaling positive accumulation trends according to Santiment
- Persistent profit-taking activity continues to prevent Bitcoin from breaking through the $70,000 threshold
Bitcoin experienced a retreat beneath the $67,000 level on Thursday, reversing gains from Wednesday’s trading session that delivered over 6% appreciation.
The decline occurred alongside weakness across Wall Street indices, where even robust earnings results from Nvidia proved insufficient to buoy technology shares. Broader risk aversion extended into speculative markets, encompassing cryptocurrencies.
At press time, Bitcoin changed hands near $66,900, representing a decline of approximately 1.6% during the 24-hour period per TradingView data.
Wednesday’s upward momentum stemmed primarily from value-seeking buyers entering the market after Bitcoin shed nearly 50% from its October peak. The rally also forced short-position holders to exit, creating additional buying pressure.
According to Coinglass analytics, liquidations of short positions reached $468.7 million across a 24-hour timeframe.
While Thursday brought price weakness, institutional accumulation intensified considerably. Bitcoin spot ETFs domiciled in the United States attracted $506.51 million in net capital on February 25, representing the strongest single-day performance over a two-week span, per SoSoValue tracking.
ETF Capital Flows Accelerate
BlackRock’s IBIT product captured the largest share with $297.37 million in net deposits. Fidelity’s FBTC recorded $30.09 million in additions, while Grayscale’s GBTC attracted $102.49 million. Bitwise’s BITB contributed $39.37 million.
BlackRock executed a substantial direct acquisition on February 26, accumulating roughly 4,309 BTC with an approximate value of $289.6 million in a single hour. The Bitcoin moved from Coinbase Prime hot storage facilities to IBIT custody wallets.
Eric Balchunas, Bloomberg’s ETF analyst, highlighted that the renewed demand arrives at an opportune moment following extended periods of outflows, though questions remain about whether this signals the beginning of sustained recovery or represents temporary strength.
Julio Moreno of CryptoQuant said on X: “Bitcoin spot demand is growing for the first time since late November.”
Accumulation Patterns Point to Positive Trends
Analytics provider Santiment reported that 19,993 distinct wallet addresses held 100 BTC or greater as of Thursday, approaching the psychologically significant 20,000 threshold.
Santiment characterized this development as evidence of “less extreme consolidation,” indicating Bitcoin ownership is spreading across a broader base of substantial holders rather than concentrating within a narrow group.
Santiment acknowledged, however, that the total supply percentage controlled by this cohort remains stable, suggesting certain long-term holders continue distributing their positions. “This is why prices have stayed suppressed,” the analytics firm explained.
On-chain data provider Glassnode identified profit-taking behavior as the primary obstacle preventing sustained rallies above $70,000 throughout February.
The Coinmarketcap fear and greed index maintained an “extreme fear” reading as of Thursday, showing no change from earlier measurements during the week.
Bitcoin has declined roughly 24.59% across the trailing 30-day period and approximately 47% below its October all-time high watermark.
