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Over the past 24 hours, Bitcoin tested the fair value gap, but BTC has struggled to establish bullish momentum from the $82,000 range low.

Spot Bitcoin ETFs bleed $3.4 billion in February

Between Feb. 24 and Feb. 27, Bitcoin registered a significant drawdown of 12.48%, which was accompanied by an extensive period of spot BTC ETF outflows. Data from SoSoValue pointed out that the collective spot ETFs market registered an outflow of $2.4 billion this week, with Feb. 25 recording BTC’s largest ETF outflow of $1.13 billion since inception.

Overall, the spot BTC ETF market witnessed an outflow of $3.4 billion in February.

Demand for the spot BTC ETF declined during this week’s correction, and crypto analyst Adam suggested historical data points to price reversals whenever large ETF inflows or outflows have occurred.

Adam pointed out that in 14 instances of significant inflows or outflows, Bitcoin price has aligned with the direction of those flows only once. This rare occurrence occurred on Nov. 7, following Trump’s victory, when a price surge and substantial inflows were observed.

Adam said,

“Generally, people see a big red number and start panic selling, or vice versa, which ends up sending the market in the opposite direction.”

Likewise, the trader believed that dependent upon other confluent factors, “some relief rally” should be around the corner. However, Zaheer, an anonymous market analyst, said that the current drop in spot prices and ETF net flows was potentially due to the CME futures basis falling below 5%.

The analyst explained that most market participants unwound their positions once the risk-free rate range is broken. The gradual drop in CME futures open interest highlighted low investor confidence, which was further evidenced by low futures premiums.

Related: Key metric shows Bitcoin hasn’t peaked, has bullish year ahead: Analyst

Bitcoin Fear & Greed Index conveys investor

Cointelegraph reported that the Crypto Fear & Greed Index had reached its lowest level since 2022, projecting a score of 10 into “extreme fear.” According to Ben Simpson, the founder of Collective Shift, the current conditions could present a buying opportunity, as the simple strategy of buying into extreme fear and selling into greed has been a profitable move.

However, Axel Adler Jr, an onchain market researcher, pointed out that the Bitcoin Fear & Greed Index’s 30-day moving average is yet to drop below the 50th percentile.

Adler explained that the 30DMA dropping below the 50th percentile has historically signaled Bitcoin price reversals and upward trends, but the current index remains above this level. Adler suggested that the best course of action is to “wait” and see how the market trends over the coming days.

Related: BlackRock Bitcoin fund sheds $420M as ETF losing streak hits day 7

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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What’s fueling its rapid growth, and how does HYPE compare relative to Solana’s native token SOL (SOL)?

Hyperliquid’s core offering is its perpetual futures DEX, which enables traders to access up to 50x leverage on BTC, ETH, SOL, and other assets. It features a fully onchain order book and zero gas fees. Unlike Solana, which supports a broad range of decentralized applications (DApps), Hyperliquid’s layer-1 is purpose-built to optimize DeFi trading efficiency.

Hyperliquid raises concerns of centralization, but fees are piling up

Hyperliquid’s native token, HYPE, launched via an airdrop in November 2024, reaching 94,000 unique addresses. This distribution fueled a $2 billion market capitalization on day one, signaling strong community adoption. However, critics like LawrenceChiu14 have raised concerns about the level of centralization on the Hyperliquid chain, pointing out that it controls 78% of the stake.

Hyperliquid generated $12.6 million in weekly fees, surpassing Solana ($11.8 million), Tron ($10.2 million), and Raydium ($9.8 million), according to DefiLlama. For comparison, Solana took over three years to reach $12 million in fees (March 2024), while Raydium needed 18 months.

Hyperliquid’s fee efficiency is notable, with just $638 million in TVL—half of Raydium’s $1.25 billion and a fraction of Uniswap’s $4.22 billion. Uniswap, the top DEX, earned $22.8 million in the same period, but its higher TVL underscores Hyperliquid’s superior margins.

Another point of contention is the reportedly centralized API and closed binary source, according to KamBenbrik. These issues should be closely examined before determining HYPE’s long-term potential.

Hyperliquid has buybacks, but Solana offers a wider range of DApps

A key differentiator is Hyperliquid’s fee structure: all fees are reinvested into the community, funding HYPE buybacks and liquidity incentives, according to its documentation. In contrast, Solana’s fees are distributed across its ecosystem, with protocols like Jupiter and Raydium each surpassing $10 million in weekly revenue. This makes direct comparisons to Solana’s base layer misleading.

Hyperliquid’s $6.7 billion market cap—outpacing Uniswap ($4.7 billion) and Jupiter ($1.8 billion)—faces challenges ahead. Token unlocks begin in December 2025, potentially pressuring HYPE’s price. Additionally, 47 million HYPE tokens are set for distribution to core contributors in the first half of 2026, representing $940 million at current valuations.

Hyperliquid’s rise also pressures Solana, as some of its top DEXs, including Jupiter and Drift Protocol, offer derivatives trading. While Solana benefits from deep integration with major Web3 wallets like Phantom and Solflare, as well as a diverse DApp ecosystem featuring yield aggregators and liquid staking, Hyperliquid’s HYPE buyback program helps offset these advantages.

For Solana, the real challenge isn’t just Hyperliquid but the broader trend of DeFi protocols launching their own layer-1 blockchains. If this continues, demand for Solana’s scalability could weaken. SOL holders should closely monitor Hyperliquid’s growth and other emerging chains like Berachain, which has already attracted $3.2 billion in deposits.

In the near future, Hyperliquid could face competition from BERPS, a perpetual futures trading platform on Berachain. While BERPS currently handles less than $3 million in daily volume, it has already accumulated $185 million in open interest, signaling growing interest from traders.

Currently, Hyperliquid’s $9 billion daily volume remains unmatched in the DEX industry. With its fee structure and buyback mechanism, it will be difficult for competitors to drain liquidity through vampire attacks, hence the bullish momentum for HYPE.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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A rejection from the $89,000 level raises questions about whether BTC price could drop further over the next few days.

Demand for Bitcoin remains subdued

Bitcoin’s “apparent demand” remains low, implying a decline in risk appetite for potential investors, according to data from market intelligence firm CryptoQuant, 

What to know:

• Apparent demand is the difference between production and changes in inventory. 

• For Bitcoin, production refers to mining issuance, while inventory refers to inactive supply for over a year.

• If production exceeds inventory reduction, it indicates that apparent demand is weakening.

• Bitcoin’s apparent demand dropped from 279,000 BTC on Dec. 4 to 10,000 on Feb. 26.

• On Feb. 25, the metric turned negative for the first time since September 2024.

• This reflects the decline in short-term holder or retail demand and aligns with the broader trend of decreasing macro liquidity. 

• If the trend continues, the price could dip lower, just as it happened between June and July when BTC dropped a further 22% to $53,000.

• However, such periods have historically led to buying opportunities.

• This metric is at levels seen in mid-January 2024 and late October 2025 before BTC price rallied 76% and 73%, respectively, hitting new all-time highs on both occasions.

Related: Crypto market is seeing a ‘tactical retreat, not a reversal’ — Binance CEO

Key Bitcoin price levels to watch under $90,000

Bitcoin finally breached the $90,000 level on Feb. 25 for the first time since Nov. 18, 2024.

Traders are now focused on key areas below this level, which BTC might revisit if the ongoing bearishness persists.

Notably:

• Bitcoin’s first area of interest remains between its previous range low at $85,000 (formed on Nov. 12) and the $87,000 support level.

• BTC will potentially target the liquidity cluster inside this range if support at $87,000 is lost.

• An immediate reprieve for the bulls would be a sharp reversal from this range, which will indicate buying interest below $90,000.

• Otherwise, BTC could potentially test the fair value cap between $80,500 and $85,000, formed during the initial “Trump Pump” rally.

• Note that the 100-day simple moving average sits within this range, suggesting a strong demand zone just above $80,000.

• The chart above also shows that the daily CME gap remains between $77,000 and $80,000, which is BTC’s worst-case scenario, according to some analysts.

The $80,000 level “represents a strong support zone” for Bitcoin, CryptoQuant author Axel Adler Jr said in a Feb. 26 post on X.

According to the analyst, this level represents a 15% deviation from the short-term holder (STH) cost basis (currently at $91,600), which has historically provided strong areas of rebound once the price touches it.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Still, some analysts remain optimistic, anticipating a continuation of the bullish trend in 2025.

Wyckoff reaccumulation model hints at $100K retest

The Wyckoff reaccumulation pattern is a technical setup that’s comprised of consolidation and accumulation periods following a strong uptrend.

This pattern typically plays out in nine key phases:

Preliminary Supply (PSY), Buying Climax (BC), Automatic Reaction (AR), Secondary Test (ST), Spring, Test, Last Point of Support (LPS), and the final phase — Sign of Strength (SOS).

As of Feb. 26, Bitcoin had entered the “Test” phase of its Wyckoff pattern, according to independent market analyst SuperBro.

In this phase, Bitcoin is retesting its Spring phase low, around $85,950, as support, aiming to confirm a bullish continuation toward its new Last Point of Support (LPS) near $96,780.

The Wyckoff reaccumulation framework expects a new uptrend cycle to begin once Bitcoin enters the final stage, the Sign of Strength (SOS). It would require a successful retest of the pattern’s peak near $106,700, including a decisive breakout above the $100,000 threshold.

A similar pattern in August 2024 resulted in a price boom from $53,400 (Spring support) to $74,000 (LPS).

Interestingly, analyst Vijay Boyapati recalled the same period in 2024 wherein Bitcoin consolidated inside the $50,000-70,000 price range for eight months, only to break upward in November, when Donald Trump won the US presidential election.

He anticipates Bitcoin will undergo another long period of consolidation before rising decisively, noting that the “top is not in” yet.

Related: M2 money supply could trigger a ‘parabolic’ Bitcoin rally — Analyst

Is Bitcoin bottoming out already?

Bitcoin weekly charts indicate more price declines in the coming weeks.

Notably, BTC’s previous corrections from local tops have led the price toward its 50-week exponential moving average (50-week EMA; the red wave). In the current scenario, the EMA is at around $76,390, down 15% from the current price levels.

Interestingly, the $76,390 level aligns with a multi-year ascending trendline support, which has been capping BTC’s downside attempts since November 2022. Meanwhile, the relative strength index (RSI) at 52.65 — a neutral reading — shows more room to drop in the coming weeks.

A decisive close below this support confluence could accelerate the sell-off toward the next downside targets, namely the Fib lines at around $57,690 and $48,170. The latter aligns with the 200-week EMA.

Related: Bitcoin could be headed for $70K ‘goblin town’ on ETF exodus: Hayes

On the other hand, a rebound from Bitcoin’s interim support zone between $85,000 and $90,000 — or from the stronger support confluence near $76,390 — could pave the way for a move toward $100,000, aligning with the Wyckoff LPS target.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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The sell-off aligns with news of US President Donald Trump pushing for tariffs on imports from Canada and Mexico. This has driven investors toward long-term US Treasurys for safety. Even gold, often seen as a trusted store of value during uncertain times, dropped 2.2% in two days. It fell from an all-time high of $2,956 on Feb. 24, reflecting broader market unease.

Unlike well-funded Big Tech firms, Bitcoin offers no dividends or clear way to benefit during an economic downturn, such as acquiring smaller competitors at low prices. As a result, the S&P 500 serves more as a hedge than a high-risk investment. Analysts like John Butters from FactSet project a strong 16.9% year-over-year earnings growth for the fourth quarter. 

Meanwhile, critics argue that Strategy (formerly MicroStrategy) single-handedly pushed Bitcoin’s price to $100,000. However, there’s no certainty that the company can keep raising funds. Strategy’s shares have dropped 19.4% in seven days, signaling investor skepticism about its plan to secure a $42 billion capital increase over three years. This raises doubts about Bitcoin’s ability to hold its value without such backing.

BTC needs positive economic signals, AI bubble fears aren’t helping 

For Bitcoin to climb back to $95,000, traders are looking for positive economic signals. Artificial intelligence giant Nvidia will release its quarterly earnings after the market closes on Feb. 26. Many traders fear that the company might struggle due to global tariff conflicts and US export restrictions on processing chips to China. Concerns about an AI bubble are also reducing investors’ appetite for risk, as shown by US 5-year Treasury yields dropping to their lowest level since December 2024.

High demand for fixed-income assets, combined with a sharp rise in gold prices, often points to market fear. This is troubling for Bitcoin, especially after outflows from the spot Bitcoin ETFs exceeded $1.1 billion on Feb. 24 alone, according to Farside Investors data. The wave of panic selling has damaged trust, as investors expected big institutions to handle Bitcoin’s volatility and view it as a buffer against a potential economic downturn.

The upcoming $6.9 billion Bitcoin monthly options expiry on Feb. 28 is pushing traders to expect a lower price. Bulls were caught off guard, even though put (sell) options open interest is $530 million below call (buy) options. For example, out of the $3.7 billion in call options, less than $60 million are set at $88,000 or below. 

This gives bears a clear reason to pin Bitcoin price under $88,000 before the expiry at 8:00 am UTC. With call options likely to underperform and market risk concerns growing, bulls lack the firepower to turn things around. 

Pushing Bitcoin back to $95,000 after the options mature seems out of reach, as the most likely outcome is not favorable for bulls, and confidence remains limited.

Related: Bitcoin price ‘top is not in’ as Wyckoff model hints at $100K retest

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Two key indicators on SOL’s daily chart are on track to complete a bearish crossover, and if this happens, new lows under $100 could be in the cards.

The 50-day and 200-day exponential moving averages are on the verge of a “death cross,” which historically has been an ominous sign for most cryptocurrencies.

Will traders buy Solana under $130?

Based on the Fibonacci retracement analysis, SOL is currently between the 0.5 and 0.618 levels, which is considered the “golden zone.” The $130 level also acted as a strong support during the six-month consolidation period in 2024, near the 0.618 level. 

As a result, the crypto asset might consolidate and form a bottom between $130 and $150 over the next few weeks, considering the level’s historical and technical relevance.

A daily close below $130 will open the possibility of retesting the liquidity pocket between $120-$110, as identified in the chart.

The relative strength index (RSI) dropped below the 30 level for the first time since June 2023. On the previous two occasions when the RSI was this deeply oversold, it marked a trend bottom, suggesting that a price reversal or oversold bounce could occur in the short term.

Related: 3 reasons why Solana (SOL) price is 50% down from its all-time high

Is a mean reversion in play for Solana?

Due to the recent price action, Solana’s market sentiment and mindshare have taken a massive hit. Miles Deutscher, a crypto commentator, recently pointed out that the altcoin’s sentiment is at a 1-year low and that SOL is having its “capitulation moment.” 

Similarly, Santiment, a data analytics platform, signaled that most investors are currently bearish on most crypto assets, including Bitcoin, Ethereum XRP, and Solana. 

This opens the possibility of mean reversion for Solana. After a 50% correction, the likelihood of a deeper correction could be limited for the altcoin. The upcoming SOL token unlocks are well known among investors, and it’s possible that the event is already priced in. 

Related: Bitcoin price ‘top is not in’ as Wyckoff model hints at $100K retest

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Litecoin has “one of the best charts in crypto”

Litecoin’s current performance implies it is on an asymmetric rally versus the wider crypto market, and most LTC futures traders maintain a clear directional bias. Data highlights a clear trend where LTC’s open interest has consistently peaked at $140.

During LTC’s recent correction, its open interest dropped from $885 million to $525 million, which is a 40% drop between Feb. 20 and Feb. 26. However, a majority of the OI declined within the first three days. It remained flat during LTC’s drawdown in the past two days.

In the past 24 hours, a flash OI spike of 10% was observed alongside a price rise, which might imply fresh long positions from traders. The rise in the funding rate further confirmed that more longs were currently active than shorts.

In light of that, Tyler, an anonymous crypto trader, said that the altcoin presented “one of the best charts in crypto.”

The sentiment was followed up by Poseidon, a crypto analyst who predicted that Litecoin is targeting a new all-time high at $300.

However, a technical analyst, Mihir, believed the long-term target could be even higher.

The analyst said,

“LTC hit $350 USD during 2017 — a 310x move. It retested the 2017 high during the 2020 bull run but failed to make a new ATH. In the current (2023-2025) bull run, it hasn’t moved much yet, but it is indicating an upside move this year. If it breaks above $250 USD, then $1,000 is feasible.”

Related: M2 money supply could trigger a ‘parabolic’ Bitcoin rally — Analyst

Overhead resistance hangs at $140

As illustrated in the chart below, Litecoin’s weekly price action is exhibiting strength, and a candle close above $133 will mark its highest level since January 2022. However, the altcoin has failed to break above its overhead resistance at $140 over the past three months.

With supply-side liquidity (yellow box) available on the upside, LTC needs a weekly close above $133 to invalidate its resistance range.

Related: Bitcoin sets new 3-month low as analyst eyes $93.5K reclaim ‘this week’

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The post Litecoin (LTC) price rallies while Bitcoin and the wider crypto market crash appeared first on Cryptology IQ.

At the same time, open interest in XRP futures fell to its lowest level in 2025, indicating that traders have been unwinding leveraged positions. While this shift does not necessarily signal a broader bearish sentiment, it raises concerns about whether XRP’s bullish momentum has weakened.

The aggregate open interest in XRP futures dropped to XRP 1.33 billion, marking an 8% decline from the previous week. In comparison, SOL open interest fell 4% over the same period, while the aggregate futures market for DOGE remained flat. 

To determine whether traders are losing interest in XRP, it is essential to analyze the funding rate of perpetual contracts (inverse swaps). This rate, charged by exchanges to balance leverage demand, turns positive when long (buy) positions pay to hold, signaling bullish sentiment. Conversely, a negative rate suggests a bearish outlook.

XRP’s 8-hour funding rate has remained near zero since Dec. 9, indicating a balanced leverage demand between bulls and bears. The last brief surge in leverage demand occurred on Dec. 4, 2024, following a 140% rally in XRP’s price over two weeks. Notably, this peak in buying pressure preceded a sharp 22% correction in less than three days.

On Dec. 3, 2024, the funding rate remained below 0.05% per 8-hour period, equivalent to 0.45% per month. This suggests that leverage buyers had already positioned themselves aggressively before the correction.

Reduced XRP demand shows uncertainty over spot ETF approval and SEC case resolution

Current market conditions differ significantly from those in December 2024. XRP’s last rally took place between Feb. 12 and Feb. 15, when its price surged 17% from $2.41 to $2.83. However, funding rate data shows no increase in leveraged demand. This suggests that either XRP holders became overly optimistic after the strong gains in late 2024 or shifted their focus to other cryptocurrencies.

One factor dampening enthusiasm among XRP traders is the ongoing US Securities and Exchange Commission (SEC) lawsuit against Ripple. While the SEC has withdrawn cases against Coinbase, OpenSea, Robinhood, and Uniswap, Ripple remains an exception. This presents a double-edged sword for XRP where prolonged uncertainty weakens investor conviction, but a surprise positive resolution could trigger a sharp rally.

Related: XRP Ledger unveils institutional DeFi roadmap

John Reed Stark,  the former Chief of the SEC’s Office of Internet Enforcement, has previously accused the cryptocurrency industry of spreading myths to mask its lack of transparency and accountability, commented on the “demolition of the SEC Crypto-Enforcement Program” on X. Using a meme, Stark expressed frustration over recent developments.

Another source of concern for XRP holders is the reportedly failed attempt by Ripple CEO Brad Garlinghouse to persuade the US government to adopt a Strategic Digital Asset Reserve instead of focusing solely on Bitcoin. Pierre Rochard, vice president of Research at Riot Platforms, highlighted this setback, noting that Trump’s administration has signaled it will no longer form a crypto council, further downplaying the urgency of such initiatives.

The declining demand for XRP futures is ultimately a bearish signal, as it suggests traders are shifting focus to other opportunities or staying on the sidelines. 

This reluctance may stem from uncertainty surrounding the potential approval of a spot XRP exchange-traded fund (ETF) in the US and the eventual dismissal of the SEC’s charges against Ripple.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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