According to media reports, Bitcoin’s fall from its all-time high in October 2025 to February’s low near $60k triggered the largest outflow from spot Bitcoin ETF funds since their launch in January 2024.
Glassnode data show that more than 100,000 BTC were withdrawn from these funds in January alone, though the total remains substantial, with roughly 1.25 million coins still held on balance sheets.
Analysing trading volumes on Coinbase, however, reveals a trend of declining activity (as indicated by the arrow). From a long-term perspective, this may suggest the ETF outflow trend is easing, potentially allowing the market to resume its multi-year uptrend. How plausible is this scenario?
Technical Analysis of BTC/USD
Bitcoin’s price fluctuations are currently compressing between the thick lines on the chart – a sign of market stabilisation, where supply and demand appear balanced.
Notable bullish patterns include:
- A double bottom (A1–B1) on 11–12 February, aligning with the lower boundary of the long-term descending channel.
- A second double bottom (A2–B2) on 18–19 February, featuring a slightly lower secondary low.
In the short term, traders might anticipate a rebound towards the upper boundary of the triangle. While the descending channel remains relevant, a decisive bullish break of this consolidation pattern would signal improving sentiment in the crypto market following February’s panic selling.
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