Bitcoin faces sustained bearish pressure as it struggles to close above $70,500. On-chain data indicates whales are increasing their deposits to exchanges like Binance, signaling distribution. Combined with heightened selling from retail investors, this activity creates significant sell-side pressure that could push Bitcoin toward the $65,000 level.
Bitcoin continues to face persistent pressure as market sentiment remains firmly bearish. The asset has failed to record a single daily close above $70,500 in 12 days.
A meaningful recovery does not appear imminent. Both whale behavior and retail participation point to the likelihood of extended downside pressure.
Whales have played a central role in recent developments. Data from Binance’s Whale-to-Exchange Ratio shows a clear distribution pattern between February 2nd and 15th.
The ratio surged from 0.4 to approximately 0.62 during this period. This indicates a greater share of Bitcoin deposits to the exchange came from large holders.
A CryptoQuant analyst operating under the pseudonym Darkfost attributed the surge partly to broader market uncertainty. “[This is] not only due to Binance’s deep liquidity, but also because the uncertain market environment is prompting all types of investors to reassess their exposure and strategy,” the analyst stated.
Data confirms whales are actively participating in the Spot market, not just transferring funds. The Spot Average Order Size stands at approximately 915 BTC, or around $63 million.
Exchange reserves have also increased by roughly 12,000 BTC since February 10th. This additional supply, valued at approximately $827 million, could exert further downward pressure on price.
Retail traders are contributing to market dynamics as well. Analysis of the Exchange Inflow–Spent Output Age Bands metric shows heightened activity among short-term holders.
On February 16th alone, coins held between 0 and 1 day accounted for over 8,880 BTC transferred to exchanges. This trend of retail-driven capital flows has persisted in recent weeks.
