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Since dropping by 35% betwixt Jan. 14 and Feb. 5, Bitcoin (BTC) has consolidated successful a scope betwixt $60,000 to $70,000 implicit the past 22 days. At the aforesaid time, respective BTC adoption-linked metrics are moving successful antithetic directions crossed exchange-traded funds (ETFs), whales, miners, and firm Bitcoin treasuries.
These divergences item dependable superior committedness beneath muted terms enactment and however each awesome fits into the bigger picture.
Bitcoin ETF flows stay negative
The 90-day rolling mean of US spot Bitcoin ETF nett flows has dropped to -$2.18 billion. Over the past 2 years, the metric has turned antagonistic lone twice: betwixt March 2025 and May 2025, and successful the existent agelong that began connected December 11, 2025. In some instances, Bitcoin followed with a corrective phase.
Bitcoin ETF flows USD (90-day). Source: bold.reportWhen the rolling mean turns negative, it means much wealth is leaving ETFs than coming successful implicit a longer period. That reduces buying pressure, weakens wide demand, and tin marque it harder for prices to determination higher.
A determination backmost supra zero, followed by dependable inflows, whitethorn people the instrumentality of organization participation. Sustained affirmative readings thin to align with stronger terms enactment from BTC, alongside improving liquidity conditions.
BTC whale accumulation versus the ascendant trend
CryptoQuant data tracks the 1-year alteration successful full whale holdings and its 365-day moving average. Addresses holding 1,000 BTC to 10,000 BTC added much than 200,000 BTC betwixt June and November 2023, portion the terms ranged betwixt $25,000 and $30,000.
When the earthy 1-year alteration crosses supra its 365-day average, whales are accumulating faster than their longer-term trend. That crossover successful 2023 coincided with proviso absorption during sideways trade, which yet led to BTC’s bullish rally.
Bitcoin 1-year alteration successful whale holdings. Source: CryptoQuantThus, a bullish inclination whitethorn unfold for BTC erstwhile the 1-year alteration sustainably moves supra its moving mean (365-SMA), signaling renewed large-scale absorption.
Hash complaint and infrastructure signal
Bitcoin’s 30-day mean hash complaint stands adjacent 0.99 ZH/s aft peaking astatine 1.10 ZH/s successful November 2025. Both hash complaint and terms person moved little successful caller weeks.
Hash complaint measures the computational powerfulness securing the web and reflects miner concern successful hardware and vigor capacity. Rising hash complaint during terms consolidation points to infrastructure enlargement autarkic of short-term terms gains.
BTC mean hash complaint (30D moving average). Source: GlassnodeIf the hash complaint trends higher portion the terms trades sideways, it points to a stronger semipermanent committedness from miners. A sustained divergence, wherever hash complaint rises up of price, tin awesome increasing assurance wrong the mining sector.
Likewise, miner economics indispensable besides improve. Stabilizing the hash terms and little miner merchantability unit confirms that rising computational powerfulness is backed by healthier gross conditions alternatively than tightening margins.
Related: Analysts cull Jane Street ‘10 a.m. dump’ claims, accidental Bitcoin isn’t easy manipulated
Corporate BTC treasury attraction cools
A caller report from bitcointreasuries.net noted that treasuries added astir 43,200 BTC successful January 2025, with Strategy accounting for astir 40,150 BTC.
Zooming out, the illustration shows that firm accumulation by Strategy has slowed importantly since precocious 2024. Monthly additions peaked adjacent 148,000 BTC successful November 2024 and 87,000 BTC successful July 2025.
Recent monthly figures are materially lower, and the past 30-day summation represents lone a marginal alteration comparative to the 1.13 cardinal BTC present held by nationalist companies.
Monthly BTC summation by Strategy. Source: bitcointreasuries.netThe latest monthly nett summation equates to astir 0.1% maturation comparative to full nationalist institution holdings. That gait signals stableness alternatively than acceleration successful treasury expansion.
For BTC price, broader and accelerating treasury inflows assistance sorb disposable proviso much effectively. Slower growth, by contrast, signals companies are mostly maintaining positions alternatively than driving caller demand.
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