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The score card summarizes bullish vs bearish pressure using a recency-weighted average from the 48 hours leading up to this column's publish time.

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Columns Feb 22, 2026 03:00 UTC

Bitcoin's Outflow Vortex Deepens: Whales Sell, Miners Adapt, as Broader Crypto Diversifies

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Market Analyst

Today's Bull & Bear

Market Sentiment

As of: 2026-02-22 03:00 UTC

28 articles

Bullish

Score: 72.9

Bearish

Score: 77.7

Bitcoin's Bearish Tide: Outflows Mount, Whales Sell

The bearish sentiment surrounding Bitcoin has deepened considerably, marking a significant continuation and intensification of trends observed over the past two days. U.S. spot Bitcoin ETFs have now recorded an unprecedented five straight weeks of net outflows, totaling approximately $3.8 billion, a streak not seen since March 2025. This persistent institutional de-risking amidst macro uncertainty is a primary driver of current price pressure.

Adding to the selling pressure, on-chain analytics firm CryptoQuant reports that Bitcoin whale deposit activity has surged, with the exchange whale ratio reaching 0.64 – its highest level since 2015. This indicates that large holders are actively offloading assets, contributing to the ongoing bear phase. Further exacerbating the supply side, major Bitcoin miner Bitdeer has liquidated its entire BTC reserves, reducing its corporate holdings to zero, a move that adds to the immediate selling pressure.

Compounding these challenges, a recent report by Elliptic highlighted that five crypto exchanges are actively assisting Russia in evading sanctions, with one processing at least $11 billion in crypto. This development could invite increased regulatory scrutiny on the broader crypto market, potentially adding another layer of uncertainty.

A Shifting Landscape: Miner Adaptation and Broader Crypto Interest

Miners Pivot to AI and Data Centers

Despite the immediate pressures on Bitcoin, the underlying ecosystem continues to demonstrate resilience and strategic adaptation. While some miners like Bitdeer are liquidating holdings, others are innovating. Marathon Digital (MARA), for instance, has acquired a 64% stake in French computing infrastructure operator Exaion, expanding its operations into AI and cloud services. This strategic pivot by Bitcoin miners towards diversified revenue streams, particularly in the burgeoning AI sector, aligns with previous observations of miner innovation and long-term vision beyond just block rewards.

Investors Seek Diversification Beyond Majors

The pronounced market divergence, where Ethereum and Real-World Assets (RWA) have previously shown significant institutional traction, appears to be prompting a broader search for value. Robinhood’s head of crypto, Johann Kerbrat, noted that crypto investors are looking for more ways to explore crypto beyond just holding major tokens amid market uncertainty. This sentiment is further supported by the robust performance of tokenized assets, with the platform X-Stock surpassing $25 billion in cumulative trading volume for tokenized stocks, underscoring the growing interest and liquidity in the tokenization of traditional assets.

Navigating the Uncertainty: Mixed Signals for Bitcoin's Future

While the short-term outlook for Bitcoin remains challenging, some analysts point to potential long-term catalysts. Santiment suggests that the fading retail optimism for $150K Bitcoin price calls is a healthy indicator, as sentiment returns to more neutral territory, potentially setting the stage for a more sustainable recovery. Macroeconomist Lyn Alden also posits that a potential peak in "silly big" AI stocks could serve as a catalyst for Bitcoin, requiring only a marginal amount of new demand to push its price higher.

However, this optimism is tempered by the immediate bearish signals. Economist Timothy Peterson's expectation for Bitcoin to trade above its current level by December is being met with skepticism by some analysts, highlighting the ongoing debate about Bitcoin's near-term trajectory amidst its current bear phase.

What to watch next:

Bitcoin ETF Flows: A reversal in the persistent outflow trend for spot Bitcoin ETFs would signal renewed institutional interest.
Whale Activity: Monitoring the exchange whale ratio for signs of reduced selling pressure.
Miner Strategies: Observing further diversification efforts by major miners into AI, data centers, or other computing services.
Regulatory Landscape: Developments regarding the reported sanction evasion by crypto exchanges and potential regulatory responses.
Broader Crypto Diversification: Continued growth in tokenized assets and institutional adoption of Ethereum and its RWA ecosystem.