Analytics firm Santiment reports that since February 2021, Bitcoin’s network activity has sharply weakened, with unique active addresses down 42% and new address creation falling 47%. Despite this contraction, market capitalization moved toward new highs in 2025, creating a bearish divergence between price and real usage. Bitcoin is trading near $64,401, about 24% lower year-to-date, while sentiment gauges such as the Crypto Fear & Greed Index remain in "Extreme Fear."

On February 23, 2026, Bitcoin fell from a 24‑hour peak of $67,695 to an intraday low of $63,962, triggering $616.41 million in liquidations, according to CoinGlass. Data indicates that long traders absorbed $524.28 million of the wipeout as BTC logged a fifth straight red monthly candle and broader markets reacted to the Supreme Court's ruling against Trump's tariffs. Analyst Michaël van de Poppe says Bitcoin remains in a downtrend versus gold, which continues to rally.

During the latest New York session, Bitcoin slid to a weekly low near $64,111 but continued to trade inside the three-week range between $65,000 and $71,000. Derivatives data shows negative funding on lower timeframes and flat open interest, while liquidity is stacked around $63,000 on the downside and above $70,000 on the upside. Analysts note that a sweep of the $63,000 area could precede a move back toward the mid-range and possibly a retest of the $70,000 resistance.

Bitcoin's weekly close fell below the 200‑week EMA near $67,628 for the first time since October 2023, ending an 882‑day uptrend. Historical episodes show it has taken roughly 8–30 weeks to reclaim this level, while realized price bands around $55,000 and $42,000 mark potential demand areas.

During a recent podcast, MicroStrategy founder Michael Saylor said there is currently no consensus in the Bitcoin network on the so-called quantum computing threat, describing it as another alarmist narrative. He compared these concerns to past fears such as China's role in mining and argued that most such narratives function as business models for those promoting them. Saylor added that potential upgrades to address quantum issues should be approached over roughly a 10-year horizon as global consensus emerges.

Bitdeer Technologies Group has exited balance sheet Bitcoin exposure, selling its entire 943 BTC treasury and disposing of 189.8 BTC produced over one week. According to Bitdeer's weekly update, the move marks a pivot toward liquidity management in a tighter post-halving environment for miners.

On February 23, 2026, Michael Saylor announced that MicroStrategy had completed its 100th public bitcoin purchase, adding 592 BTC for about $39.8 million. Following this transaction, the company’s total holdings reached 717,722 BTC acquired for roughly $54.56 billion at an average price of about $76,020 per bitcoin. The latest buy, executed at approximately $67,286 per BTC, was noted as the firm’s smallest dollar-value acquisition since October.

Bitdeer, currently the largest U.S.-listed Bitcoin miner by hashrate, reported this week that its corporate BTC treasury balance dropped to 0 BTC after selling 189.8 newly mined coins and drawing down 943.1 BTC from reserves. In the same window, the company sold a total of about 1,132.9 BTC and announced an upsized $325 million 5.00% convertible notes deal due 2032 alongside a share offering priced at $7.94.