Spot Bitcoin ETFs are set for a fourth straight month of net withdrawals in February as BTC approaches a fifth negative monthly close. According to checkonchain, ETF net assets fell from nearly $170 billion in October 2025 to $84.3 billion, while flows tracked by Axel Adler Jr. showed 11,042 BTC in outflows between Feb. 12 and Feb. 19.

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.

Bitcoin’s monthly Bollinger Bands have compressed to their narrowest reading on record, a setup analysts associate with powerful follow-up moves. Some chartists highlight that similar volatility squeezes have historically preceded major rallies, although others point to a looming 50- and 200-period moving average death cross and elevated retail long positioning as downside risks. Additional on-chain data shows a deeply negative short-term Sharpe ratio and repeated profit-taking above $70,000, suggesting the market is approaching a key inflection zone.

On a Tuesday when Bitcoin traded under $68,000, data showed that short-term whale addresses are carrying net unrealized losses of 22% while long-term whales remain profitable above a realized price of $41,626. Large-holder inflows to Binance have climbed in February, and on-chain metrics suggest current conditions look more like a redistribution phase than a full-scale capitulation among veteran holders.

Ether fell about 20% in February and briefly slipped under $2,000, while more than 2.5 million ETH moved into accumulation addresses and over 30% of supply remained staked. Derivatives data shows open interest at $11.2 billion, elevated leverage and sizable liquidation clusters around $1,909, $2,200 and above, as a possible Adam and Eve bottom pattern on the four‑hour chart signals room for a rally toward the $2,473–$2,634 zone.

Bitcoin slipped below $67,400 after briefly trading above $70,000, while futures and order book data pointed to strong buy-side interest near spot price. Analysts highlighted a Chicago Mercantile Exchange futures gap around $80,000–$84,000 and record demand from "accumulator" addresses holding about 372,000 BTC on Feb. 15. The largest bid skew in more than two years and reduced long-term holder selling were cited as factors that could support a retest of the $80,000 area.

Bitcoin set a weekly low near $65,500 and has fallen for four straight days, while funding rates in futures remain deeply negative since early February. According to CryptoQuant, the 7-day average turned negative for the first time since March 2023 and November 2022, and analysts say crowded shorts could face a squeeze if $58,000 holds.

On Thursday, Bitcoin and Ether hit intraday lows of $66,171 and $1,912. Bloomberg analysis indicates ETH spot ETF holders face steeper losses, with assets at $11.27 billion versus $30.5 billion and an estimated $3,500 cost basis, while BTC ETFs sit at $85.76 billion, down from a $170 billion peak in October 2025.