Bitcoin traded at $68,006 on February 26. The daily candle was held above the $60,000 – $72,000 range.
MACD printed expanding green histogram bars as the signal line moved higher. The RSI recovered from the oversold area and climbed towards 42.
Source: TradingView
This move was in line with the visible stabilization of the range following the sharp sell-off in February.
However, the price still remained within the broader structure of $60,000 – $72,000. No confirmed rupture outside this range has occurred.
The next major daily resistance is near $94,085 as indicated on the chart. Until that level is broken, the structure remains range-bound.
This left traders focused on whether the flows would confirm the continuation.
Half a billion returns on ETFs
On February 25, Bitcoin [BTC] ETFs recorded their first day of net inflows of >$500 million in more than three weeks. This reflected a clear institutional belief returning to the market.
Source:
BlackRock led with $297.37 million, while Grayscale added $102.49 million. Demand was broad and structured across products, rather than concentrated in a single vehicle.
Such inflows have historically been in line with sustained upward phases. Therefore, a continuation from now on would strengthen confidence in the markets.
“Golden Cross” approaches as momentum builds
The Inter-exchange Flow Pulse rose as BTC flowed to derivatives exchanges.
CryptoQuant analysts were keeping a close eye on a potentially bullish golden cross. Historically, this crossover aligned with transitions to expansion phases.
Meanwhile, rising derivatives inflows signaled renewed speculative participation.
Source: CryptoQuant
Momentum signals have strengthened in all indicators. This proposed positioning shifted towards trend continuation rather than exhaustion.
Whale activity is accelerating
Whales owning more than 1,000 BTC have steadily increased since 2021. Buying accelerated sharply from 2025 to early 2026.
The past two months reflected volumes comparable to much of 2025. This reinforced the strategic positioning story.
Source: CryptoQuant
Recent activity has been consistent with levels seen before previous expansion cycles.
That history matters.
Long-term holders increased their balances as the price consolidated below $72,000. The supply became smaller during range compression. This behavior was consistent with the ‘Mother of All Rallies’ thesis, which predicts a structural move towards $500,000 over the cycle.
However, such targets are dependent on sustained capital inflows and continuation over several quarters.
Yet, whale accumulation during consolidation historically reduced circulating supply before the outbreak phases. That kept the focus at $72,000.
A decisive breakthrough above this could herald the next expansion trajectory. Failure to maintain $60,000 would delay the broader $500,000 proposition.
Final summary
- US Bitcoin ETFs recorded net inflows of $506.6 million on February 25.
- BlackRock’s IBIT led with $297.4 million, while Grayscale’s BTC added $102.5 million.