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Why is Bitcoin’s ‘MOAR’ narrative heating up? ETFs, whales & more…


Bitcoin traded at $68,006 on the 26th of February. The daily candle held above the $60K–$72K range floor.

MACD printed expanding green histogram bars as the signal line crossed higher. RSI recovered from oversold territory and climbed toward 42.

Source: TradingView

That move aligned with visible range stabilization after February’s sharp selloff.

However, price still remained inside the broader $60K–$72K structure. A confirmed break beyond this range has not occurred.

The next major daily resistance sits near $94,085, as marked on the chart. Until that level breaks, the structure remains range-bound.

This left traders focused on whether flows would confirm continuation.

Half-a-billion returns to ETFs

On the 25th of February, Bitcoin [BTC] ETFs recorded their first >$500M net inflow day in over three weeks. This reflected a clear institutional conviction returning to the market.

Source: X

BlackRock led with $297.37 million, while Grayscale added $102.49 million. Demand was broad and structured across products, not concentrated in a single vehicle.

Such inflows historically aligned with sustained upside phases. Therefore, continuation from here would reinforce confidence across markets.

“Golden Cross” nears as momentum builds

The Inter-exchange Flow Pulse climbed as BTC flowed into derivatives exchanges.

CryptoQuant analysts monitored a potential bullish golden cross closely. Historically, this crossover aligned with transitions into expansion phases.

Meanwhile, rising derivatives inflows signaled renewed speculative participation.

Source: CryptoQuant

Momentum signals strengthened across indicators. This suggested positioning was shifting toward trend continuation rather than exhaustion.

Whale activity accelerates

Whales holding 1,000+ BTC have accumulated steadily since 2021. Buying accelerated sharply through 2025 into early 2026.

The last two months reflected volumes comparable to much of 2025. This reinforced the narrative of strategic positioning.

Source: CryptoQuant

Recent activity matched levels seen before prior expansion cycles.

That history matters.

Long-term holders increased balances while the price consolidated below $72K. Supply tightened during range compression. This behavior aligned with the “Mother of All Rallies” thesis, which projects a structural move toward $500,000 over the cycle.

However, such targets depend on sustained capital inflows and multi-quarter continuation.

Even so, whale accumulation during consolidation historically reduced circulating supply ahead of breakout phases. That kept attention locked on $72K.

A decisive break above it could initiate the next expansion leg. Failure to hold $60K would delay the broader $500K thesis.


Final Summary

  • U.S. Bitcoin ETFs recorded $506.6M in net inflows on 25 February.
  • BlackRock’s IBIT led with $297.4M, while Grayscale’s BTC added $102.5M.

 



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