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Three Bitcoin Miners Change Strategy: BTC Will No Longer Sit in Vaults
Major Bitcoin mining companies worldwide are radically revising their treasury management strategies as they enter the second quarter of 2026. Policy changes announced successively by MARA Holdings, Core Scientific, and Riot Platforms signal the beginning of a new era in the sector: Bitcoin reserves accumulated over the years are no longer being held in vaults but are being released into the market to meet operational needs and growth investments.MARA: Accumulated reserves also opened for saleMARA Holdings, which holds the most BTC among publicly traded Bitcoin miners, announced a significant strategy change in its annual 10-K report submitted to the US Securities and Exchange Commission (SEC) on Monday. The company expanded its policy, which allowed only the sale of Bitcoins obtained from mining operations in the second half of 2025, to include accumulated reserves on the balance sheet as of 2026. "In 2026, we expanded the strategy to allow for the sale of Bitcoins held on our balance sheet," said MARA, adding that from now on, it can both hold Bitcoin for long-term investment and buy and sell it according to market conditions and capital priorities. As of December 31, 2025, MARA has 53,822 BTC, with a total reserve value of approximately $4.7 billion. As part of the company's active digital asset management strategy, 28% of these reserves, approximately 15,300 BTC, have been put into use through various financial instruments. In this context, 9,377 BTC have been lent to counterparties, while 5,938 BTC have been used as collateral for a $350 million loan. Although the lent Bitcoins have provided the company with $32.1 million in interest income, the picture is not entirely bright. The company experienced a loss of $422.2 million in value throughout 2025 due to the decline in Bitcoin's market value. Moreover, a separate account of 2,000 BTC established with the asset management company Two Prime in the second quarter, encompassing structured trading and hedging strategies, generated a net trading loss of $22.1 million by the end of the year. MARA terminated this mandate in December, withdrawing the remaining 1,777 BTC; the segment recorded a total loss of $69.1 million.Core Scientific: Converting All Treasury to CashAnother major mining and data center company, Core Scientific, is taking an even more radical step. The company announced that it plans to sell all of its Bitcoin reserves throughout 2026 to finance its AI data center expansion. The majority of the sales are expected to take place in the first quarter of 2026, with the total amount expected to be around 2,500 BTC. "Throughout 2026, depending on market conditions, we anticipate converting almost all of our Bitcoin holdings to cash, increasing our liquidity, and meeting planned capital expenditures," the company stated, signaling a complete abandonment of its digital asset accumulation policy. Core Scientific, which holds approximately 2,537 BTC in reserves as of November 2025, reported this amount including both BTC in known wallets and additional revenue from mining activities. The company considered the significant revenue decline experienced last year when making this decision. In the fourth quarter of 2025, mining revenue nearly halved compared to the same period of the previous year, falling from $79.9 million to $42.2 million; the amount of BTC produced also decreased by 57 percent. Despite this, the company is attempting to build a new growth model by focusing on artificial intelligence infrastructure. CORZ shares have gained over 62 percent in value in the last year. Riot Platforms: Bitcoin Sales Become a Financing ModelRiot Platforms is following a similar path. In a statement at its fourth-quarter earnings call, the company's Executive Vice President, Jason Chung, emphasized that Bitcoin sales have now become an integral part of the company's financing strategy. Chung stated that in addition to selling Bitcoins generated from monthly production, reserves directly on the balance sheet are also being released to the market for operational needs and growth investments. The most concrete example of this strategy was the acquisition of the Rockdale facility, which was entirely financed by Bitcoin sales; approximately 1,100 BTC from the treasury was used for this $96 million deal.Riot also argues that its focus on data center development provides access to low-cost, non-diluting debt instruments, and that combining these instruments with Bitcoin sales is the most efficient financing method for shareholders. The company increased its full-year revenue by 71 percent throughout 2025, led by Bitcoin mining revenue. Riot, which ranks seventh among institutional Bitcoin holders with a reserve of 18,005 BTC, maintains a strong cash generation capacity while keeping pace with the overall transformation of the sector.
Is Bitcoin at its Bottom? VanEck CEO's Commentary on the 2026 Bear Market
VanEck CEO Jan van Eck said that the Bitcoin price is approaching its bottom. Speaking in an interview with CNBC, van Eck attributed the weak performance in 2026 to Bitcoin's four-year halving cycle and considered the current pullback a natural part of this historical structure. Key Dynamics for Bitcoin PriceAccording to van Eck, there are two key elements that determine Bitcoin's price dynamics: the limited supply of 21 million and the block reward halving that occurs every four years. This mechanism halves the amount of Bitcoin miners receive and gradually reduces the new supply in the market. The CEO recalled that in past cycles, Bitcoin rose for three years, and experienced a sharp correction in the fourth year. He emphasized that 2026 also coincides with this "fourth year". “Bitcoin rises for three consecutive years, then pulls back significantly in the fourth year. 2026 is that fourth year. Therefore, we are in a bear market. However, we are currently seeing a bottom formation,” said van Eck, noting that they interpret price movements through cyclical structures rather than complex macro narratives. Indeed, historical data shows that post-halving peaks generally occur within 12 to 18 months. The decline of Bitcoin from its peak of around $126,000 to the $60-70,000 range in the last cycle is similar to corrections in past bear markets. The on-chain analytics company CryptoQuant also previously indicated a potential bottom formation between June and November 2026 in its assessment. However, there is no complete consensus among market participants. Some analysts argue that Bitcoin has become too institutionalized to be explained solely by the halving cycle. Strong demand for spot Bitcoin ETFs, global liquidity conditions, a weakening dollar, and positive developments on the regulatory front are suggested to be more decisive factors influencing the price. On the other hand, Bitcoin has shown signs of recovery in recent days. The price rose by over 7% on a weekly basis, settling in the $68,000 range. This movement coincided with increased geopolitical tensions following the US and Israeli airstrikes against Iran. While Iran's retaliatory actions increased risk perception in global markets, Bitcoin's limited but positive divergence was noteworthy.Van Eck believes that this recovery may be partly linked to geopolitical developments. He pointed out that the use of crypto assets as a means of payment is widespread, especially in the Middle East, and stated that transfer channels outside the banking system gain importance during periods of uncertainty. He said that in a resolution process, fund movements could be made through crypto payment infrastructures instead of traditional banks.6-12 months are criticalHowever, historical examples show that bear markets generally form a permanent bottom within 6 to 12 months. A few unsuccessful attempts at upward movement are considered normal during this period. Therefore, the question of whether the current recovery is the beginning of a new bull trend or a temporary relief rally is not yet clear. The Bitcoin market is once again at a critical juncture. For those who believe in the halving cycle, the picture is familiar; for those who emphasize the weight of institutional capital, however, a new era is underway. The price reaction in the coming months will show which of these two narratives is more dominant.
Bitcoin Rises, ETF Inflows Gain Strength
Bitcoin hovered near $68,000 on the second trading day of the week, while strong inflows into US-based spot Bitcoin ETFs were noteworthy. Despite rising geopolitical tensions with Iran, demand for investment assets accelerated rather than weakened; on Tuesday alone, there was a net inflow of approximately $458 million into spot ETFs. This figure represents one of the strongest daily inflows of the quarter. Institutional Demand Remains Strong Despite Geopolitical TensionsAccording to market data, this indicates that institutional investors have recently not viewed war-related volatility as a systemic risk. While the Bitcoin price experienced sharp fluctuations following weekend headlines, fund flows showed that investor confidence was largely maintained.A similar assessment was included in a recent note published by Singapore-based trading firm QCP Capital. The company stated that approximately $300 million in long positions were liquidated following weekend events, but this movement remained "significant but limited." According to QCP, the significant reduction in positions already taken in recent weeks prevented the sudden drops from turning into a deeper sell-off. Pricing in the options market also supports this view. One-day implied volatility briefly rose to 93 percent; then quickly retreated. This reveals that investors are taking positions to hedge against short-term news flow rather than preparing for a sustained crisis scenario. The strong performance in ETFs is not limited to a single day. Over the past week, US spot Bitcoin ETFs recorded net inflows totaling $1.1 billion over three consecutive trading days. Approximately half of these inflows came from BlackRock's iShares Bitcoin Trust (IBIT) fund, one of the world's largest asset management companies. IBIT's ability to attract capital on this scale alone demonstrates continued institutional demand for Bitcoin. ETFs offer a regulated and easily accessible channel, especially for traditional finance investors. Therefore, ETF flows are considered an important indicator of overall market sentiment during periods of increased geopolitical risk. Recent data reveals that investors are not pricing in the Iran-based tension as a disruption that will shake the global financial system. The stabilization of the Bitcoin price around $68,000 also supports this picture. Despite sharp movements over the weekend, the rapid recovery suggests that the market experienced a controlled repricing rather than panic selling. The limited liquidations and the rapid retreat of volatility indicate that liquidity remains strong.
$1 Billion Turnover in Crypto Funds: Rush for BTC, ETH, SOL, XRP, and LINK
The five-week outflow from crypto investment products has finally come to an end. According to CoinShares' latest weekly report, global crypto ETPs recorded a total net inflow of $1 billion last week. This marks the end of a period of uninterrupted outflows, which had reached approximately $4 billion, and the return of capital inflows. While previous weeks highlighted weakening investor appetite and market reluctance, the latest data has reversed this trend. CoinShares Head of Research James Butterfill notes that it's difficult to explain this shift with a single macroeconomic development. According to him, the price pullback, the downward break of technical levels, and the return of large Bitcoin investors to accumulation have created opportunities for investors to take positions. Indeed, recent discussions with clients have focused less on risk reduction and more on identifying appropriate entry levels.The geographical distribution of the $1 billion weekly inflow is also noteworthy. US-based funds accounted for the lion's share with a total inflow of $957 million. Canada ($34.1 million), Germany ($31.7 million), and Switzerland ($28.4 million) were other significant markets where positive flows continued. This chart shows that capital movements are not limited to a single region, indicating a broad-based recovery. Looking at assets individually, Bitcoin has been the clear leader in the recovery. Bitcoin investment products saw weekly inflows of $881 million. Thus, the majority of total inflows went to the leading crypto asset. However, a possible $3.7 million inflow into short Bitcoin products reveals that a cautious segment still exists in the market. So, while the overall trend has turned positive, complete consensus has not yet been reached. There is also a significant improvement on the Ethereum side. Ethereum funds showed their strongest performance since mid-January with weekly inflows of $116.9 million. Despite this, both Bitcoin and Ethereum products remain in net outflow territory since the beginning of the year. There has been a total net outflow of $408 million in Bitcoin products and $430 million in Ethereum products since the beginning of the year. Although the strong inflows in the last week have reduced this gap, the picture is not yet completely positive. Solana, XRP, and LINK stand outOn the altcoin front, Solana is prominent. Solana funds, which recorded inflows of $53.8 million last week, lead altcoins with a net inflow of $156 million since the beginning of the year. XRP products showed a strong performance on a monthly basis, while Chainlink funds also saw a modest inflow of $3.4 million. Overall, there is no significant outflow wave observed in the altcoin market. All these developments occurred during a period when price performance was relatively flat. Bitcoin largely finished the week flat, while Ethereum rose by approximately 2 percent. The limited price movement indicates that demand for institutional investment products has not yet translated into a strong breakout in the spot market.
Topics Crypto Investors Should Watch Out For This Week
The new week in the cryptocurrency markets will be quite busy due to both company earnings reports and critical macroeconomic data. Financial results from Bitcoin miners, the US employment report, and geopolitical developments in the Middle East could be decisive in crypto pricing.One of the week's highlights will be the earnings report of Riot Platforms, the fourth-largest Bitcoin miner by market capitalization. The company's performance, particularly in the face of increased operational costs and volatility in the Bitcoin price recently, will be closely watched. According to FactSet data, Riot is expected to report a loss of $0.32 per share.Similarly, Core Scientific, the sixth-largest player in the sector, will also share its financial results. Core Scientific has taken significant steps to diversify its business model in recent months; leveraging its experience in operating large data centers and its strength in energy supply agreements, it has begun to expand into the field of artificial intelligence. The limited coverage of digital asset mining on the company's homepage is noteworthy. This week will reveal more clearly how much of its revenue still comes from crypto mining. On the macro front, eyes will be on the US employment data. Non-farm payrolls for February are expected to increase by 60,000, compared to a 130,000 increase the previous month. The unemployment rate and average hourly earnings are also on investors' radar. Wage increases, in particular, are critical for the inflation outlook and the Fed's interest rate path. Weak employment data could boost risk appetite; a strong picture, however, could postpone expectations of interest rate cuts, putting pressure on the crypto market.Throughout the week, the US will release ISM manufacturing and services PMI data, ADP private sector employment change, weekly jobless claims, and the Fed's Beige Book report. Manufacturing PMI and inflation rate data from China, and preliminary inflation data for February from the Eurozone, will shape global risk perception. Weak data from China, in particular, could increase global growth concerns and trigger volatility in risky assets like cryptocurrencies.Geopolitical developments also influence market direction. The escalating tensions in the Middle East following US and Israeli attacks on Iran and Iranian retaliations are causing investors to remain cautious. While statements suggest the conflict could last for weeks, a possible early ceasefire could revive risk appetite in global markets. The crypto ecosystem is also activeThere are many developments in the crypto ecosystem, both technical and governance-focused.SuperRare will release artist Xer0x’s new NFT collection, Delirium, on March 2.MANTRA will upgrade its chain from v6 to v7, with the OM token transitioning to MANTRA following a 1:4 coin split.Qubic will begin testing parallel Dogecoin mining alongside AI training.SolCex will launch its mobile application on Google Play and Apple’s App Store.Uniswap DAO is voting to expand v2 and v3 protocol fees to eight layer-2 networks and introduce a new tiered fee structure.ENS DAO is voting to replace DNSSEC oracle algorithms to address a critical RSA signature forgery vulnerability.GMX DAO is considering a transition to a defined leadership model, including hiring a CEO with performance-based compensation.Ethena will unlock 2.24% of its circulating supply, worth approximately $18.35 million in ENA tokens.Hyperliquid will unlock HYPE tokens valued at roughly $288.7 million.
Middle East Tensions Shake Markets: How Are Cryptocurrencies Affected?
The armed conflict that erupted between the US and Iran over the weekend deeply shook global markets; cryptocurrencies also felt the impact. Bitcoin, trading around $65,500 as of March 2, 2026, briefly rose above $67,000 during the Asian session before falling back. Ethereum, meanwhile, dropped 2.2%, falling below $1,971. The events were triggered by a joint US-Israeli airstrike against Iran, in which, according to reports, Iran's Supreme Leader Ali Khamenei was killed. The rest of the weekend saw significant market turmoil; Bitcoin fluctuated between $63,000 and $66,000. However, because cryptocurrency markets remained open while traditional exchanges were closed, they were the first to reflect investors' risk-aversion tendencies. As the crisis continued to escalate, Iran expanded the scope of its retaliation in the region. According to open-source intelligence accounts, Tehran launched missile attacks on American assets in Bahrain, Kuwait, and the UAE. Furthermore, it was reported that Saudi Aramco's Ras Tanura refinery, the world's largest oil producer, was also targeted. Meanwhile, Israel continued its airstrikes against Hezbollah positions in Lebanon. Gulf states stated they reserved the right to retaliate, while US President Donald Trump announced on his Truth Social account that "revenge will be taken" for the American soldiers who lost their lives. Oil prices, meanwhile, surged sharply. Brent crude was trading above $78 per barrel at the time of writing, up seven percent. Gold also rose 1.9 percent to $5,381 per ounce. According to analysts, oil remains the most critical transmission channel for geopolitical shocks to impact cryptocurrency markets. According to Rick Maeda of Presto Research, if crude oil finds a sustained foothold above $90, inflation expectations will climb, the dollar will strengthen, and global liquidity will tighten. In this environment, Bitcoin is expected to behave like a macro asset with a high beta.BTSE COO Jeff Mei pointed out that markets are particularly sensitive to security risks in the Strait of Hormuz, which carries about a fifth of global oil flow. At least three ships have reportedly been attacked near the strait. This development increases shipping insurance costs and forces cargo ships to reroute; it is assessed that this could lead to inflationary pressures that could directly affect central bank interest rate decisions.21Shares macro director Stephen Coltman summarized Iran's strategy with these words: "Tehran aims to increase the cost of the conflict to the US by disrupting the flow of oil and liquefied natural gas through the Strait of Hormuz. Wars generally have an inflationary effect; they inflate commodity prices and budget deficits together." Coltman also indicated that this scenario could hold the potential for long-term value appreciation for assets that stand out as store of value, such as Bitcoin.Despite all this chaos, the crypto markets have not shown any signs of serious systemic pressure in terms of on-chain and derivative indicators. Analysts emphasized that perpetually open futures exchanges, such as Hyperliquid, which allow for real-time price discovery through sharp price movements in oil and metal-linked contracts, may have absorbed some of the macro shock. Dominick John, an analyst at Kronos Research, said, "Crypto came under selling pressure with the liquidation of risk assets following the US-Israeli attack on Iran; however, prices quickly recovered. This once again proved the 24/7 liquidity and resilience of the crypto markets." John added that the markets will maintain high volatility until a clearer direction is determined. What's next?In the coming period, Bitcoin's trajectory seems to depend on where oil prices stabilize, the direction of US real yields and the dollar, and, most critically, whether the Iran crisis escalates into widespread financial tightening. Analysts are currently closely watching whether this weekend will remain a geopolitical headline shock or evolve into a long-term process that will reshape global macroeconomic balances.
BTC Comments and Price Analysis - February 28, 2026
BTC Technical AnalysisToday’s developments along the U.S.–Israel–Iran axis were directly reflected in BTC price action. Risk appetite declined and market participants stepped back. In periods like this, panic can accelerate quickly, but the real direction is still defined by where price holds.The key zone right now is the 60,000 – 57,700 dollar band. This area previously attracted buyers and also aligns with the long-standing ascending structure on the chart. Price is currently trading around 64,000, yet downside pressure is clearly present.If price continues to hold above 60,000, the market may begin to stabilize. In that case, a recovery toward the 69,700 region would not be surprising. Without reclaiming that level, strong bullish momentum is unlikely, but at least short-term relief could emerge.The critical level remains 57,700. A breakdown below this zone could accelerate selling pressure. Under such a scenario, sharp wicks toward the 49,000 area would not be unexpected. Similar geopolitical tension periods in the past produced comparable moves followed by reactions.At this stage, the focus should not be on predicting direction but on monitoring how the 57,700 – 60,000 range is defended. If news flow intensifies, volatility will likely increase. If the zone holds, the market may attempt to recover. A loss of this band would significantly weaken the structure. Current Outlook of Bitcoin These analyses do not provide investment advice and focus on support and resistance levels that are considered to offer short- and medium-term trading opportunities depending on market conditions. However, responsibility for execution and risk management lies entirely with the user. In addition, the use of stop loss is strongly recommended.
US Producer Price Index Exceeds Expectations: How Did Bitcoin React?
The US Producer Price Index (PPI) data, which dominated global markets, was released, and the figures significantly exceeded market expectations. This indicator, closely monitored by the Federal Reserve (FED) in its fight against inflation, also resonated in the cryptocurrency markets; the leading cryptocurrency, Bitcoin, faced very slight selling pressure after the data release. What do the PPI data say?The PPI report released by the US Bureau of Statistics (BLS) on Friday revealed that producer inflation was stronger than expected. The data released are as follows:Producer Price Index (Monthly): Announced 0.5% – Expectation 0.3% – Previous 0.4%Producer Price Index (Annual): Announced 2.9% – Expectation 2.6% – Previous 3.0%Core PPI (Monthly): Announced 0.8% – Expectation 0.3% – Previous 0.7%Core PPI (Annual): Announced 3.6% – Expectation 3.0% – Previous 3.3%The 0.5% monthly increase in PPI was almost double the 0.3% figure predicted by analysts. On an annual basis, although inflation decreased from 3.0% to 2.9% compared to the previous month, it remained significantly above the market expectation of 2.6%. In particular, the core PPI, which excludes food and energy prices, exceeding expectations by 3.6% annually, reignited inflation concerns. A picture that makes things difficult for the FedThese data came in an environment where investors expect two interest rate cuts from the Fed this year. However, producer inflation, which is higher than expected, strengthens the possibility that the central bank may postpone interest rate cuts or proceed with a more cautious approach. As is known, the increase in producer prices can eventually be reflected in consumer prices, creating upward pressure on the CPI; this could pave the way for the Fed to continue its monetary tightening policy for a longer period.Indeed, after the data, the US Dollar Index (DXY) started the day with a flat trend, but continued to hold in the slightly positive region at the 97.82 level.What is the situation with the Bitcoin price?The picture reflected in the market data was clearly felt in the Bitcoin camp as well. When the visual is examined, it is noteworthy that the BTC/USDT pair tried to hold around $68,500 in the first hours of the day, but later experienced a sharp downward movement to the $65,500-$65,750 range. As of 16:50 Turkish time, Bitcoin is trading at $66,198.28, with a 24-hour change of -1.92%. The daily trading range is between $66,642 and $68,617, and the fact that the price is currently close to the lower end of this range indicates that selling pressure, albeit slight, remains. The limited 1-hour change of -0.01% suggests that a strong recovery signal has not yet been generated in the short term. In other words, the higher-than-expected PPI data has pushed expectations of a Fed interest rate cut into the background, weakening risk appetite. Bitcoin's sharp loss once again highlights investors' tendency to avoid risky assets in this environment. Markets will continue to closely monitor statements from Fed officials and upcoming inflation data.
Citigroup is Integrating Bitcoin into the Banking System
Citigroup, one of the world's most established financial institutions with approximately $2.5 trillion in assets, has officially announced plans to integrate Bitcoin into its traditional banking infrastructure. The bank aims to launch Bitcoin services for institutional clients in 2026; it is reportedly close to completing internal development and testing that has been ongoing for 2 to 3 years.A $30 Trillion BridgeThe vision behind the project was most clearly articulated by Nisha Surendran, Citi's Head of Digital Asset Custody Development. Speaking at the Strategy World conference organized by Bitcoin treasury company Strategy, Surendran emphasized that the initiative is part of a strategy to "bank" Bitcoin. Considering that Citi currently manages $30 trillion in customer assets, the significance of extending this infrastructure to digital assets becomes clearer. Planned services include secure Bitcoin custody solutions, institutional-level wallet management, private key operations, and transaction address management. In addition, reporting and compliance systems will be implemented, allowing Bitcoin positions to be tracked on the same platform as stocks, bonds, and money market instruments. This will enable institutional investors to seamlessly integrate their crypto assets into existing portfolio management and tax compliance processes.Institutional demand and ETF flows accelerated the processCiti's move is not coincidental. The increasing interest of institutional investors in Bitcoin, and especially the acceleration of capital flows to spot Bitcoin ETFs, is forcing large banks to establish infrastructure in this area. In its predictions published last December, the bank foresaw that Bitcoin could reach $143,000 in 2026; in the bull scenario, this figure rose above $189,000, while in the bear scenario, the level of $78,500 was indicated. When it is remembered that Bitcoin was trading around $88,000 at the time these predictions were made, it is better understood how volatile the market is and how critical institutional infrastructure is in managing this volatility. Morgan Stanley is also entering the arenaThis transformation in the corporate finance world is not limited to Citi. Morgan Stanley also announced at the same conference that it will establish a cryptocurrency custody and exchange platform. Initially, E-Trade clients will be able to conduct spot crypto transactions through a partnership; the fully integrated platform is expected to be launched within the next year. Morgan Stanley, which has an asset base of $8 trillion, is also working on crypto yield and loan products; the integration of assets outside the platform into the system is also on the agenda. As a result, these initiatives, shaped by the triangle of secure custody, regulatory compliance, and facilitated access, are paving the way for investors to confidently step into this asset class by bringing Bitcoin's operational risks to institutional standards. This could herald a period in which the cryptocurrency market has matured and Wall Street is choosing to enter the arena instead of remaining a spectator.
$8.7 Billion Worth of Bitcoin and ETH Options Expires
The biggest derivatives market event of February has arrived: a total of $8.72 billion worth of Bitcoin and Ethereum option contracts have expired. While the crypto markets are hovering at a delicate balance point with this critical development, both technical indicators and investor sentiment paint an interesting picture. Bitcoin accounts for the majority of this figure. With 114,705 contracts and a value of approximately $7.74 billion, BTC leads by a wide margin, while Ethereum has 478,992 contracts and a share of $975 million. This combined volume of the two assets represents approximately twenty percent of the total open positions; this makes the potential impact of the expiration on the market significant. Maximum pain levels are creating pressureBoth assets are trading significantly below their "maximum pain" thresholds. This concept refers to the price level at which the greatest number of options become worthless. Bitcoin is trading at $68,052, approximately $7,000 below the $75,000 threshold, while Ethereum is hovering around $2,035, below the $2,200 threshold. Historical patterns suggest that spot prices tend to approach these levels before expiration; this could create upward pressure in the short term. In the options structure, call contracts outweigh put contracts. The buy/sell ratio is 0.73 for Bitcoin and 0.78 for Ethereum. While this theoretically presents an optimistic picture, it takes on a different form in terms of volatility indicators. According to Deribit data, Bitcoin's implied volatility index is at 87.7% of its historical range, while Ethereum's volatility is approximately 15-20 points higher than Bitcoin's throughout the entire expiration curve.Anxiety persists in derivatives marketsBitcoin managed to retest the $70,000 level in recent days; however, this recovery was not enough to alleviate the deep anxiety in the market. There was a net inflow of $764 million into licensed Bitcoin ETFs in the US in the last two days. While this figure partially offset the $1.2 billion outflow in the previous eight trading days, it did not revive the appetite for leveraged buying in the futures market. The fact that the Bitcoin futures premium is hovering well below the neutral threshold of 5%, at only 2%, confirms this picture.What's behind the decline?Questions remain unanswered regarding the main factor that caused Bitcoin to fall by 32% in eight weeks. It is known that the major crash in October led to a $19 billion forced liquidation, coinciding with the US tariff increases on Chinese goods. Binance's payment of $283 million in compensation to users, citing internal pricing errors, was also among the notable developments. On the other hand, the controversy deepened when an analyst from Jefferies removed Bitcoin from their model portfolio, citing the risks of quantum computing. In response, the developer community prepared the BIP-360 proposal, which aims for a transition to post-quantum cryptography, while some market participants viewed Jane Street's large positions in Bitcoin ETFs with curiosity and suspicion. With all these developments in mind, Bitcoin's monthly price movement was as follows:
Telegram Opened Vaults for BTC, ETH, and USDT
Telegram's crypto wallet is moving beyond being just a tool for sending and receiving assets. Wallet in Telegram has launched on-chain yield vaults built on the TON Wallet infrastructure, which is based on self-custody. With this new structure, Bitcoin, Ethereum, and USDT holders can invest directly in decentralized finance protocols without leaving the application.Promised yields of up to 18%The most striking aspect of the service is the strategy offered for USDT. Supported by Re7's DeFi strategy, this option offers a compound annual yield of up to 18%. ETH and BTC vaults are also active, but a variable yield structure has been adopted for these two assets; a fixed rate has not been announced.Three separate protocols are running in the background. Morpho, a large lending network with deposits exceeding ten billion dollars, provides the infrastructure. The EVM-compatible execution layer TAC is transporting wrapped Ethereum (wETH) and Coinbase's wrapped Bitcoin (cbBTC) to the TON network. Re7 is responsible for curating the yield strategies and managing risk.From "Tap-to-Earn" Craze to Real FinanceThe timing of this move is highly significant for the TON ecosystem. The "tap-to-earn" game craze that swept Telegram in 2024 led to the rapid spread of mini-applications. However, as soon as this hype based on token rewards subsided, user interest quickly dropped. The TON ecosystem began searching for a tangible and sustainable reason to keep people on the platform. Just two weeks before the launch of the vaults, Wallet in Telegram, in partnership with MoonPay, also launched cross-chain deposit functionality. This feature, which allows funds to be transferred to TON Wallet from Ethereum, Solana, Tron, and other major networks, is followed by the vaults, offering users the opportunity to utilize this capital. Therefore, these two consecutive steps stand out as a complementary strategy. Andrew Rogozov, founder and CEO of The Open Platform and Wallet in Telegram, stated: "With Vaults in TON Wallet, we are bridging the gap between advanced DeFi protocols and hundreds of millions of users. Direct access to self-custodial vault strategies for ETH, BTC, and USDT from within the TON ecosystem is a huge step toward making decentralized finance truly universal."Vaults are based on a self-custodial model; meaning users do not lose control over their assets. However, the announced 18% APY for USDT is not a guarantee; it is a compound rate derived from Re7's strategy. This figure may vary depending on market conditions and strategy performance. The same variable structure applies to BTC and ETH vaults, and no fixed rate has been announced for these assets.What's on the roadmap?Wallet in Telegram plans to allow users to deposit native BTC and ETH directly into the platform in the future. These deposited assets will be automatically converted to cbBTC and wETH upon migration to TON Wallet. With over 150 million registered users, the platform is arguably one of the biggest names among cryptocurrency wallets integrated into messaging applications.
Bitcoin ETFs Hit a Three-Week Record: Are Institutions Making a Comeback?
Cryptocurrency markets have begun to breathe after weeks of collapse. On Wednesday, US spot Bitcoin ETFs recorded their highest daily net inflow in three weeks, attracting $506.5 million in capital. This figure indicates that investor confidence, albeit fragile, is blossoming again. Relief after weeksAccording to market data, BlackRock's IBIT fund led this inflow, attracting $297.4 million alone, making it the undisputed leader of the day. The fact that six other funds, including Fidelity and Grayscale, also recorded positive flows and that no ETF experienced net outflows reveals the breadth of the picture. This is significant because since the beginning of the year, outflows from Bitcoin ETFs have outpaced inflows. In just the five weeks leading up to February 20, capital flowing out of the funds exceeded $3.8 billion. In this context, the picture is not just a one-day data point, but is read as a harbinger of a potential breaking point. Vincent Liu, Investment Director at Kronos Research, commented on the matter: "The inflows indicate that institutional investor sentiment has shifted towards cautious accumulation after a prolonged period of risk aversion. However, positions are still measured; this suggests that sentiment is still in the stabilization phase." Ethereum and Solana also on the sceneThe positive picture was not limited to Bitcoin alone. On Wednesday, Ethereum ETFs recorded a total net inflow of $157.1 million, while Solana ETFs saw $30.9 million inflows, the highest daily figure since December 15, 2025. XRP ETFs were also among the funds that recorded positive flows. This interest, spreading across the crypto market, strengthens recovery hopes for the sector as a whole. Optimism in prices as wellIn addition to fund flows, there was also significant movement in market prices. While Bitcoin fell below $63,000 at the beginning of the week, it gained 4.4 percent in the last 24 hours, approaching $68,300. Ether, meanwhile, surged 7.6%, surpassing the $2,000 mark again.Nvidia's strong earnings report on Wednesday also contributed to this movement. The semiconductor giant reported quarterly revenue of $68.1 billion, a 73% increase year-on-year, exceeding Wall Street expectations in all key indicators. This news boosted the crypto market along with technology stocks; the total crypto market capitalization rose 4.4% to $2.43 trillion.The Fear and Greed Index, however, rose from 5 at the beginning of the week to 11. Despite a slight recovery, the index is still in the "extreme fear" zone, indicating that the market has not fully calmed down.What do on-chain data say?According to CryptoQuant data, spot demand for Bitcoin has increased for the first time since the end of November 2024. Its founder, Ki Young Ju, specifically highlighted that selling pressure on Coinbase has eased. The Coinbase premium index (an indicator used as a proxy for US institutional demand by measuring the price difference between Coinbase and Binance) has risen to 0.05 this week, emerging from deep negative territory on February 12th.Market analyst Lacie Zhang from Bitget Wallet noted this development, stating, "The 25% drop seen in on-chain exits and the apparent increase in demand since the end of November suggest the market may be approaching a bottom." According to Zhang, this picture presents an entry opportunity for long-term investors with an improved risk-return ratio.Caution is neededHowever, not every analyst shares this optimism. Illia Otychenko from CEX.IO attributed the decrease in selling pressure to a cooling of speculative activity rather than a fundamental change in demand. "Since the beginning of February, futures volume has fallen by about 44%, and spot volume by about 50% from its recent peaks. When leverage decreases and trading slows down, forced selling naturally decreases as well," she explained. According to Otychenko, the current structure is not yet sufficient to confirm a trend reversal; the market structure remains fragile, and demand has not yet truly revived. Nick Ruck, Director of LVRG Research, echoed this sentiment, stating: "While this rally seems to be fueled by news of reduced selling pressure attributed to Jane Street, it resembles a short-term relief rather than a fundamental change in direction. A true recovery in the crypto market depends on macroeconomic conditions stabilizing and ETF inflows transforming into sustained, structural institutional buying." Users on the prediction platform Myriad, however, remain optimistic: they have increased the probability of Bitcoin's next move taking the price to $84,000 from 31% to 46%. While this figure doesn't reflect the market's pulse, it clearly indicates the changing sentiment.
Bitcoin's Eyes on the Critical 60,000 Support Level: What is Putting Pressure on the Price?
Bitcoin started the week weakly, falling below $63,000. Increased anxiety in global markets accelerated the flight from risky assets, and the cryptocurrency market also felt the effects.The leading cryptocurrency was trading at around $63,073 at the time of writing. Having lost approximately 8% of its value in the last week, Bitcoin is once again approaching the $60,000 region it tested in early February. The monthly decline is approaching 30%. This suggests that the selling pressure may not be limited to short-term fluctuations. The market deterioration is not limited to the charts. The Crypto Fear and Greed Index, which measures investor sentiment, fell to 8, entering the "extreme fear" zone. This level indicates a significant weakening of risk appetite in the market.On the macro front, trade tensions are back on the agenda. US President Donald Trump's increase of temporary import tariffs from 10% to 15% has suppressed global risk appetite. This move, following the Supreme Court's annulment of the previous tariff framework, has increased uncertainty. The sell-off seen in stocks has also been reflected in crypto assets. Experts note that Bitcoin's current pullback is progressing in parallel with the weakness in stock markets. Rising geopolitical tensions and tariff uncertainty are causing investors to take cautious positions. In this environment, the $60,000 level stands out as a critical threshold for Bitcoin.What other developments are affecting the Bitcoin price?There is also a noteworthy picture on the miners' side. On-chain data shows that miners are experiencing one of the longest selling periods of the year. Since the beginning of January, the net position change of miners has been negative. This reveals that miners are selling reserves instead of accumulating.The decline in revenue supports this trend. Monthly revenue from transaction fees on the network fell from 194 BTC in May last year to 65 BTC as of February. This decrease of approximately two-thirds shows that miners are facing cash flow pressure. As prices fall, declining revenues are becoming a factor that increases selling pressure.Weakness is also noticeable on the institutional investor front. Spot Bitcoin ETFs have experienced uninterrupted outflows for six weeks. This is the longest weekly outflow streak since the launch of ETFs. The reduction of positions by large investors is increasing the fragility of the market.In the derivatives markets, the liquidation of leveraged transactions has accelerated. A total of $381.89 million worth of positions were liquidated in the last 24 hours. Approximately $289 million of this consisted of long positions. In other words, transactions opened with the expectation of a rise were the most affected by the selling wave.In Bitcoin, the $63,300 and $65,400 levels are being watched as important resistance levels in the short term. If these levels are regained, the possibility of a recovery may strengthen. However, a loss of $60,000 could accelerate sales and pave the way for a new wave towards the $54,000-$50,000 range.The market is currently in a delicate balance. Miner sell-offs, ETF outflows, and macroeconomic uncertainty have all come together. The $60,000 level stands out as the boundary between stability and a deeper correction in this cycle. For investors, the price reaction around this region in the coming days will be crucial.
$288 Million Withdrawn from Crypto Funds: LINK, LTC, and SUI Show Positivity
The outflow from digital asset investment products has entered its fifth week. According to CoinShares' weekly report dated February 23, 2026, a total net outflow of $288 million was recorded last week. This brings the total outflow over the past five weeks to $4 billion. While this figure is lower than the $6 billion outflow in the same period last year, it indicates a continued weakness in the market. Another notable element was the sharp decline in trading volume. ETP volumes, which approached record levels a few weeks ago, fell to $17 billion. This level is the lowest recorded since July 2025. The contraction in volume suggests weakening investor appetite and a noticeable wait-and-see attitude in the market. A clear divergence is evident in the regional distribution. While $347 million in outflows were recorded from US-based funds, a total inflow of $59 million was seen in Europe and Canada. Switzerland stood out with $19.5 million, followed by Canada with $16.8 million and Germany with $16.2 million in inflows. In the US, total outflows since the beginning of the year have reached $2.19 billion. In contrast, countries like Germany and Switzerland have maintained a strong inflow trend since the start of the year. Looking at assets individually, Bitcoin has been the main source of weakness. Bitcoin funds saw weekly outflows of $215.3 million. Outflows since the beginning of the month reached $579 million, and year-to-date outflows reached $1.29 billion. However, short-bitcoin products saw inflows of $5.5 million. This indicates an increased tendency among investors to hedge against price declines or take short positions.What about altcoins?Ethereum also saw weekly outflows of $36.5 million. Total outflows from Ethereum funds since the beginning of the year have reached $494 million. Multi-asset products experienced outflows of $32.5 million, while the "other" category recorded a net outflow of $17.2 million. The altcoin market, however, shows a more balanced and selective picture. XRP funds saw a weekly inflow of $3.5 million, bringing their total inflow performance since the beginning of the month to $105 million. Solana recorded weekly inflows of $3.3 million and year-to-date inflows of $41.6 million. Chainlink saw a positive inflow of $1.2 million, Litecoin $0.2 million, and Sui $0.1 million, showing limited inflows. This picture shows that investors continue to increase their positions in certain altcoins while exiting large assets. On the other hand, Sweden saw outflows of $129.7 million since the beginning of the month and a negative flow of $154.1 million year-to-date. In addition to the sharp outflows in the US, the unwinding in Sweden reveals that risk appetite remains weak in some developed markets. Total assets under management (AUM) stands at $130.4 billion. Of this, $103.6 billion is concentrated in Bitcoin products. Ethereum ranks second with $15.1 billion, while multi-asset products account for $5.6 billion.
Nasdaq-Listed Giant Miner Sold all Its Bitcoins.
Bitdeer Technologies, traded on Nasdaq under the ticker symbol BTDR, announced that as of February 20th, it had zeroed out all its Bitcoin reserves. According to the company's weekly production update, it no longer holds a single BTC. Sales did not parallel production.Bitdeer not only depleted its reserves but also completed an aggressive liquidation process by selling the 189.8 BTC it produced in the last week. In addition, the company sold off its remaining 943.1 BTC reserves within the same week. Thus, the company's treasury, which was around 2,000 BTC at the end of the year, was completely emptied after eight weeks of staggered sales. At the end of January, Bitdeer held approximately 1,530 BTC, and as of February 13th, it had reduced its reserves to 943.1 BTC. At that time, the company had produced 183.4 BTC and sold 179.9 BTC. In other words, it was following a sales policy almost parallel to its production. However, the move in the last week indicated a much sharper shift compared to the previous period. This development made Bitdeer the first major player to hold zero BTC on its balance sheet, while it is the largest publicly traded Bitcoin miner in terms of self-mining hashrate. In contrast, other giants in the sector stand out with strong reserve strategies. For example, MARA Holdings holds approximately 53,250 BTC, while Riot Platforms has approximately 18,000 BTC. On the institutional side, Strategy holds the largest corporate treasury with assets exceeding 717,000 BTC. Bitdeer's choice coincided with a period of increasing market tightness. In the last difficulty adjustment, the Bitcoin network difficulty increased by 14.7 percent. Hashprice fell below $30/PH/s/day. The company's gross profit margin also decreased from 7.4 percent in the fourth quarter of 2024 to 4.7 percent. Increased competition, rising energy costs, and shorter hardware cycles are forcing miners to make tougher decisions about where to direct every dollar.Bitdeer management has not made a clear statement on whether the reserve sale is a permanent shift in treasury strategy or a result of a temporary cash shortage. However, the timing is noteworthy. The company recently announced a plan to issue $325 million in convertible bonds and sell $43.5 million in shares. These resources were stated to be used for data center expansion and AI-focused cloud infrastructure investments.This shows that mining companies are evolving from structures that only accumulate Bitcoin to technology companies focused on infrastructure and computing power. Bitdeer chose to focus on active capacity expansion instead of holding passive assets. Data centers provide both a scale advantage in Bitcoin mining and can create different revenue streams by serving AI workloads. While many companies in the sector still see BTC as a strategic reserve or macro-risk hedging tool, Bitdeer's move has reignited the capital efficiency debate. For miners looking to reduce their dependence on crypto price cycles and increase their cash flow generation capacity, this model could offer a new roadmap. Whether the company will resume accumulating Bitcoin in the coming weeks will be closely watched.
