Key Highlights
- Santiment showed the crowd flipping from “$60K retest” chatter to “back above $70K” as the U.S. session closed.
- CryptoQuant said the exchange whale ratio has dropped from its recent highs.
- CoinGlass showed BTC derivatives open interest near $93.46B and 24h liquidations around $323.8M on its BTC funding page snapshot.
Bitcoin market sentiment turned decisively positive as the U.S. trading session wrapped, with on-chain analytics firm Santiment highlighting a sharp shift in trader expectations.
According to the firm, market participants were preparing for a potential $60,000 retest earlier this week. Bitcoin (BTC) closed the U.S. trading session near $69,097, posting a 7.13% daily gain, according to CoinMarketCap data.
The move pushed BTC back toward the psychological $70,000 level, marking one of the strongest daily recoveries following February’s volatility phase. However, as price recovered toward the $70,000 level, social media discussions quickly rotated back to bullish positioning, a behavioral pattern often seen when momentum returns late in a trading cycle.
Santiment’s chart shows that spikes in bearish calls (blue bars) historically appear near local bottoms, while surges in bullish predictions (red bars) tend to emerge closer to short-term plateaus as retail sentiment turns optimistic.
ETF Flows and CME Activity
The sentiment reversal coincided with continued institutional participation. Latest available data showed U.S. spot Bitcoin ETFs attracting about $257.7 million in net inflows, reinforcing demand during the session.
That’s notable because ETF flow days frequently become the market’s “scoreboard” during U.S. hours—if BTC is pushing higher while flows are positive, bulls tend to lean into the trend; if price rises but flows are weak, rallies often fade faster.
Derivatives were also active in the move. CME’s Bitcoin product page showed volume at 10,777 with a Feb. 25 update, while CME’s futures quotes page showed front-month Bitcoin futures trading higher on the day.
CoinGlass’ BTC page snapshot showed open interest around $93.46B, while its BTC funding dashboard showed 24h liquidations about $323.8M—still meaningful enough to keep “squeeze/fade” conditions in play if price whipsaws.
Whale Selling Pressure Fading
More importantly, on-chain indicators now support the sentiment shift rather than contradict it. According to CryptoQuant data shared by analyst KriptoCenneti, the Exchange Whale Ratio has declined sharply from recent highs, suggesting large holders are no longer aggressively transferring coins to exchanges.
Lower whale deposits typically indicate reduced immediate sell pressure, allowing price to stabilize. The change marks a notable contrast from earlier sessions when whale inflows coincided with volatility spikes.
Coinbase Premium Turns Positive — U.S. Buyers Return
At the same time, the Coinbase Premium Index flipped back into positive territory (~0.015), signaling stronger buying activity from U.S.-based investors compared to offshore exchanges.
This metric is closely watched because sustained positive premiums often appear during accumulation or early recovery phases, when institutional or spot-led demand absorbs available supply.
The combination of:
- declining whale distribution,
- improving U.S. spot demand,
- and stabilizing price action
suggests Bitcoin may be transitioning from a corrective phase toward gradual upside attempts rather than entering a distribution top.
Also Read: Bitcoin Swiftly Pumps: Jane Street Drama, Trump’s Trading Ban Call Renews Market Optimism
