TechFlow News: On February 23, Bitfinex Alpha’s latest report noted that Bitcoin remains consolidating within the $66,000–$70,000 range following its decline on February 5—the deepest pullback of this cycle. Volatility has narrowed and momentum weakened, indicating a shift from liquidation-driven declines to a more balanced consolidation environment. On-chain data shows that much of the recent decline has been absorbed by demand in the $60,000–$69,000 zone; holders near breakeven have not accelerated selling, helping stabilize prices and sustain sideways movement.
Meanwhile, institutional fund flows remain cautious: Bitcoin ETFs recorded approximately $166 million in net outflows over the past week, and Ethereum-related products continue to see redemptions—suggesting sustained accumulation has yet to resume. Although weekend inflows provided an initial stabilizing signal, overall liquidity remains low. The Realized Profit/Loss Ratio continues contracting toward historically defensive levels, indicating limited capital expansion across the network. Derivatives positions have normalized, and funding rates have turned neutral-to-slightly-negative—reducing liquidation risk but also constraining upside acceleration.
