Bitcoin is showing early signs of renewed demand after a February stretch marked by heavy selling across both retail and institutional venues, even as the broader macro backdrop remains unsupportive for risk assets. On-chain and ETF flow data now point to a market that is stabilizing, though not yet fully out of danger.
Within that setup, exchange flow data has started to look better. According to Darkfost, the 30-day moving average volume delta on Binance and Coinbase has shifted back toward buyers after plunging deeply negative in mid-February. On Feb. 16, the metric stood at -$145 million on Binance and -$88 million on Coinbase, a sign that “both retail and institutional participants were largely aligned on the sell side.” Today, those averages have moved back into positive territory at around +$21 million and +$14 million.
It is still a modest move. But compared with the conditions seen a month ago, it marks a clear change in tone.
Why $79,962 Remains The Key Resistance For Bitcoin
The reversal began on Feb. 25, when flows recovered to +2,305 BTC per day, before peaking at +3,387 BTC per day on March 2. The latest reading has cooled to +1,472 BTC per day, while total ETF holdings rose from 1,264,982 BTC to 1,291,618 BTC over the month, an increase of 26,636 BTC.
For now, both analysts are describing the same market: selling pressure has eased, buyer activity has returned, and institutional demand is no longer deteriorating. But confirmation still matters.
At press time, Bitcoin traded at $74,063.
