Crypto Market Report · February 24, 2026 · Covering February 23 Session
The Big Three
Fear & Greed Index collapses to 5 — a level last seen during the FTX crisis — as $480 million in liquidations flush leveraged longs. Bitcoin dropped from $67,000 over the weekend to an intraday low of $62,665, its lowest since early February’s flash crash. The CryptoQuant exchange whale ratio has surged to 0.64, the highest since 2015, meaning nearly two-thirds of BTC flowing onto exchanges comes from the 10 largest deposits — whales are distributing, not accumulating.
Fifth consecutive week of ETF outflows: $288 million exited digital asset funds, with $215 million from BTC alone. CoinShares’ James Butterfill called it the longest outflow streak since spot ETF launches. Meanwhile, USDT supply has contracted by $3 billion over 60 days — the steepest decline since December 2022 — signalling institutional capital is leaving the crypto ecosystem entirely, not just rotating between tokens.
Strategy Inc doubles down: Michael Saylor’s firm bought 592 BTC at $67,286 average, pushing holdings past 193,000 BTC. The purchase came during Monday’s rout, signalling long-term institutional conviction even as short-term sentiment craters. Separately, Crypto.com secured conditional OCC approval to charter a national trust bank — a structural milestone for the industry even amid the carnage.
01Session Data
| Metric | Value | Change |
|---|---|---|
| BTC/USD Close | $63,298 | −2.06% |
| Session High | $64,984 | daily |
| Session Low | $62,696 | Feb low test |
| ETH/USD | $1,831.76 | −2.47% |
| SOL/USD | $76.86 | −2.26% |
| XRP/USD | $1.3307 | −2.63% |
| DOGE/USD | $0.09127 | −3.57% |
| Fear & Greed Index | 5 | Extreme Fear |
| Total Liquidations (24h) | $480.6M | $434M longs |
| S&P 500 | 6,837.75 | −1.04% |
| DXY | 97.70 | −0.01% |
| Gold | $5,181 | +0.98% |
| BTC ETF Weekly Flows | −$215M | 5th week out |
02Top Movers
| Token | Price | Change | Volume |
|---|---|---|---|
| ESPUSDT | $0.1618 | +88.6% | $88.7M |
| POWERUSDT | $0.5778 | +29.5% | $41.4M |
| SKRUSDT | $0.0233 | +29.5% | $25.0M |
| AGLDUSDT | $0.2791 | −30.2% | $43.0M |
| MYXUSDT | $0.5162 | −26.7% | $22.8M |
| BCHUSDT | $485.18 | −10.3% | $40.4M |
03Market Commentary
Bitcoin’s modest weekend rebound from the $67,000 range evaporated on Monday as the tariff escalation, AI displacement fears, and a brutal Wall Street selloff dragged crypto lower in lockstep with risk assets. The Dow fell 822 points, the software sector dropped 5%, and private equity names like Blue Owl Capital, Blackstone, and Apollo extended their multi-week declines. CoinDesk noted that BTC is now trading as a “high-beta risk play” perfectly correlated with the IGV software index, not as the “digital gold” narrative its proponents once championed.
The on-chain data paints a picture of a market in the base-formation phase, not yet in full capitulation but under sustained pressure. Glassnode’s 7-day EMA of net realized profit and loss for short-term holders sits at −$480 million per day, down from the −$1.24 billion peak on February 6 but still deeply negative. CryptoQuant’s whale ratio at 0.64 — the highest since 2015 — confirms that large holders are dominating exchange inflows. The average deposit size has risen to mid-2022 levels, suggesting institutional-scale distribution, not retail panic.
Tom Essaye of Sevens Report was blunt in his assessment, stating that Bitcoin is neither digital gold nor an inflation hedge, and that better alternatives exist without the volatility. The comment captures the narrative shift: as gold surges to new highs above $5,180 and silver rallies over 2%, crypto is bleeding. The gold-to-BTC ratio has widened to its most extreme since early 2023, underscoring the rotation from speculative to defensive assets.
The USDT supply contraction may be the most structurally significant signal. Bloomberg reported that Tether’s market cap is on pace for its steepest monthly decline since December 2022, shrinking by roughly $1.5 billion in February alone. The 60-day change in USDT supply has gone negative by $3 billion — only the second such contraction in history. Large-scale USDT redemptions typically indicate institutions exiting the crypto ecosystem entirely, not simply rotating between tokens. The last comparable event preceded Bitcoin’s drop to $16,000 during the FTX collapse.
04Technical Analysis
Daily (1D):
BTC/USD closed at $63,298, sitting directly on the lower Bollinger Band ($63,298) — a textbook oversold boundary. The Tenkan-sen at $63,438 is virtually at the current price, while the Kijun-sen sits well above at $66,803. The Ichimoku cloud spans from $69,323 (Span A) to $71,926 (Span B), forming a thick resistance wall between $69K and $72K. The 200-day SMA at $98,398 remains a distant overhead ceiling, highlighting the depth of the structural downtrend — Bitcoin has now fallen over 50% from its $126,272 all-time high.
Momentum confirms the bearish regime but is approaching extremes. The RSI reads 34.33 on the fast line and 29.79 on the slow — the latter is now below the 30 oversold threshold, matching levels seen at the February 6 flash-crash low. The MACD lines at −3,919/−4,250 remain deep in negative territory, though the histogram has ticked positive to 331, hinting at a marginal deceleration in selling momentum. A break below $62,665 (today’s low) opens the path to the February 2 flash-crash low at $60,062 and the 200-week MA near $58,900.
| Level | Price | Reference |
|---|---|---|
| Resistance 3 | $80,154 | Upper Bollinger Band |
| Resistance 2 | $71,926 | Senkou Span B (cloud top) |
| Resistance 1 | $66,803 | Kijun-sen |
| Pivot | $63,438 | Tenkan-sen |
| Support 1 | $62,665 | Session low |
| Support 2 | $60,062 | Feb 2 flash-crash low |
| Support 3 | $58,900 | 200-week MA (approx) |
05Forward Look
State of the Union and Tariff Escalation.
Trump’s State of the Union address Tuesday evening could introduce new trade-policy signals. The current 15% Section 122 tariffs carry a 150-day statutory limit, and any hints of bilateral negotiation frameworks or further escalation will move risk assets — and crypto, as a high-beta proxy, will amplify those moves in both directions.
NFP and CPI Before FOMC.
February employment data drops March 6, CPI on March 11, both ahead of the March 17–18 FOMC. Waller’s “coin flip” framing makes NFP the decisive catalyst: a weak print restarts rate-cut expectations and could trigger a relief rally; a strong print cements the hold and keeps crypto under pressure from the rates differential.
ETF Flow Reversal Watch.
Five consecutive weeks of outflows totalling $1+ billion YTD have removed the institutional demand pillar that supported BTC through 2024-25. Abu Dhabi sovereign funds hold over $1 billion in Bitcoin ETFs but recent CoinShares data shows even sovereign-scale holders are trimming. A reversal in ETF flows would be the earliest signal of a trend change — until then, every rally is a sell.
Verdict
Bitcoin is in a structural bear market. Down 50% from the October ATH, bleeding ETF outflows for five straight weeks, and facing USDT supply contraction not seen since FTX — the fundamental backdrop is unequivocally negative. The “digital gold” narrative has been debunked in real time as gold surges to $5,180 while BTC plunges to $63K.
Technically, the daily RSI at 29.79 is below the 30 oversold line, and the price is sitting on the lower Bollinger Band. These are conditions that historically precede short-term relief bounces — but in the absence of a catalyst (ETF flow reversal, dovish Fed surprise, or tariff de-escalation), any bounce toward the $66,800 Kijun-sen is a sell opportunity, not a trend change.
The $60,000–$62,600 zone is the last major support before the 200-week MA near $58,900. Strategy Inc’s continued accumulation provides a psychological floor, but 193,000 BTC on one balance sheet is as much a concentration risk as it is a conviction signal. Watch ETF flows and the February NFP for the next directional trigger.
Bias: BEARISH · structural downtrend, oversold but no catalyst