Bitcoin’s Bullish Whirlwind: From $60K to $70K in a Flash!

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Notable Observations

  • Santiment noted the crowd’s feverish transition from “retesting $60K” to “surpassing $70K” as the U.S. session drew to a close, a spectacle as predictable as a clockwork mouse.
  • CryptoQuant’s data revealed the exchange whale ratio’s descent, a spectacle akin to a retiring ballerina’s final bow.
  • CoinGlass’s metrics painted a scene of BTC derivatives teetering on the edge of $93.46B in open interest, while 24-hour liquidations pirouetted around $323.8M-a ballet of chaos.

As the U.S. trading session concluded, Bitcoin’s market sentiment, once a timid moth, now fluttered with the vigor of a determined butterfly, its wings brushing against the $70K threshold with a mix of trepidation and triumph.

According to the firm, market participants had, until recently, braced for a potential $60,000 retest, a specter that now seemed as distant as a forgotten dream. Bitcoin (BTC) closed the U.S. session near $69,097, a feat that made the $70K level feel like a mirage glimpsed through a kaleidoscope.

The price’s ascent toward $70K, a journey marked by the erratic steps of a drunkard, triggered a social media frenzy that shifted from pessimism to bullish fervor, a pattern as reliable as the tides-except, of course, when it isn’t.

Santiment’s chart, a tapestry of blue and red, illustrated how bearish calls (blue bars) historically loom near local bottoms, while bullish surges (red bars) bloom closer to plateaus, a dance of hope and despair choreographed by the market’s whims.

🥳 Just two days prior, the crowd had been huddling in the shadows of a $60K retest; now, Bitcoin teetered on the precipice of surmounting $70K. The bullish narrative, that fickle lover, has predictably returned. In this chart:

🟦 High blue spikes indicate major predictions of $BTC moving lower. When retail sells,…

– Santiment (@santimentfeed) February 25, 2026

ETF Flows and CME Activity

The sentiment reversal coincided with the steady hand of institutional investors, their presence a beacon of stability. U.S. spot Bitcoin ETFs, like a well-timed encore, attracted $257.7 million in net inflows, a testament to demand during the session.

This is notable, for ETF flow days often serve as the market’s “scoreboard” during U.S. hours-if BTC surges while flows are positive, bulls lean into the trend; if price rises but flows falter, rallies often fade faster than a whispered secret.

Derivatives, those sly operators, were also active. CME’s Bitcoin product page, a stage for volume, showed 10,777, while its futures quotes page, a theater of fluctuation, saw front-month Bitcoin futures trading higher on the day.

CoinGlass’s BTC page snapshot, a window into the abyss, revealed open interest around $93.46B, while its BTC funding dashboard, a mirror of chaos, showed 24h liquidations about $323.8M-still 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, the Exchange Whale Ratio has declined sharply from recent highs, suggesting large holders are no longer aggressively transferring coins to exchanges-a quiet rebellion against the market’s capriciousness.

Lower whale deposits, a harbinger of reduced sell pressure, allowed price to stabilize, a respite from the volatility that once plagued the market. The change, a stark contrast to earlier sessions, felt as refreshing as a spring breeze after a storm.

Coinbase Premium Turns Positive – U.S. Buyers Return

At the same time, the Coinbase Premium Index, that fickle barometer, flipped back into positive territory (~0.015), signaling stronger buying activity from U.S.-based investors compared to offshore exchanges-a return to form for the home team.

This metric, a barometer of market sentiment, is scrutinized with the intensity of a scholar studying ancient scrolls, for sustained positive premiums often herald 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-a tale as old as time, yet always ripe for reinvention.

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2026-02-26 08:53