Bitcoin’s market has shown signs of stabilization following a period of intense selling pressure. On-chain data reveals heavy accumulation between $60,000 and $70,000, forming a potential support base. Meanwhile, a key U.S. demand metric has turned positive for the first time in months, suggesting renewed institutional interest may be emerging.
Bitcoin’s Net Realized Profit/Loss metric deteriorated as its price fell from late January highs near $90,000. By February 6, it plunged to nearly -$330 million during the most intense capitulation as Bitcoin approached $63,000.
Selling pressure later moderated while the price stabilized in the $68,000–$70,000 range. However, Realized Losses have continued to dominate, indicating holders were still exiting during rebound attempts. Intermittent profit-taking has also capped upward momentum, most notably on February 25 when profits exceeded $5 million per hour.
On-chain supply positioning reveals a dense concentration of Bitcoin accumulation within the $60,000–$70,000 corridor. The largest cluster is near $63,000–$64,000, where holdings expand to nearly 850,000 BTC.
This surge signals aggressive dip buying during the recent downturn. Additional supply layers between $65,000 and $69,000 reinforce the broader demand structure forming under the price.
Demand signals from U.S. markets have also begun to re-emerge. The Coinbase Premium Gap recently flipped positive, reaching +14.7% on February 27 after nearly four months of negative readings. Historically, similar premiums in late 2024 preceded a significant price surge.
The latest shift suggests buyers on Coinbase are again paying higher prices. However, sustained confirmation requires several consecutive positive sessions to signal stronger institutional participation.
