Bitcoin holds range near $70k as on‑chain flows show both whale Binance transfers and accumulation off exchanges

first published 2026-02-09T17:26:30Z

Bitcoin slipped under $70,000 to around $68,979 (~-2% 24h), trading ~12% lower over the past week and ~23% lower over the past month. Spot volume rose 15.2% to $52B and futures volume rose ~4.97% to $70B, while open interest fell ~1.98% to $45B, suggesting position closures. On‑chain data showed two whale transfers of >5,000 BTC into Binance (Feb. 2 and Feb. 9) and U.S. spot BTC ETF holdings fell from ~1.36M BTC in mid‑Oct 2025 to ~1.27M BTC by Feb. 9 (~90,000 BTC outflows). CryptoQuant CEO Ki Young Ju warned BTC is “not pumpable.” Technically, $70k is now resistance, BTC sits below the 20‑ and 50‑day MAs with RSI ~32–34; near‑term support levels noted at $68–69k and $62,800 (deeper liquidity near $58,000).

AI Analysis

Price broke below $70k with continued weekly/monthly losses; spot and futures volumes rose while open interest fell, indicating position closures. Large whale deposits (>5,000 BTC twice) to Binance and ~90,000 BTC net outflows from U.S. spot ETFs are objective indicators of distribution. Technicals show resistance at $70k, price below 20/50‑day MAs and low RSI (~32–34). These facts support a bearish sentiment and a moderate‑high short‑term trading impact.

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