Overview
- Bitcoin rebounded above $70,000 within days of plunging to about $60,000, with sentiment gauges still registering extreme fear near single digits.
- After multi‑week withdrawals, U.S. spot bitcoin ETFs posted roughly $330.7 million in net inflows on Feb. 6, led by IBIT, even as the week still ended with about $358.5 million in net outflows.
- BlackRock’s IBIT saw record trading activity around the selloff, with reported volumes near $10–$10.7 billion as dealers and structured products rebalanced.
- Derivatives stress persisted with earlier multi‑billion‑dollar liquidations and another $297 million in 24‑hour liquidations skewed toward shorts during the bounce, pointing to elevated volatility.
- On‑chain and market data showed mixed signals, including broad accumulation across holder cohorts and a positive Coinbase premium, alongside low MVRV and a depressed taker buy ratio, while analysts split on whether the $60,000 area marked a durable bottom.