Analysis: Bitcoin's recovery remains hampered by ETF outflows and strategic selling by whales, with market sentiment remaining cautious.

According to a Bitfinex report cited by Odaily Odaily, the Bitcoin market has recently been fluctuating within the $65,000–$70,000 range, but the long-term trend remains downward. Since reaching its all-time high last October, the price has corrected by over 52%, and although it has rebounded by about 20% from the February 5th low, the price this week remains below the range low and is testing new lows. Increased macroeconomic uncertainty, especially following the Supreme Court's ruling on the Trump administration's tariff increases, has led to a recovery in precious metals such as gold and silver, while crypto market traders continue to pay a premium for downside protection. Exchange whale ratios show that recent Bitcoin inflows into exchanges are primarily from large investors. This concentrated inflow usually indicates strategic selling rather than short-term forced liquidation or retail sell-offs. Large investors may sell at key structural levels or at fixed daily times, reflecting intentional market positioning. Last week, the options market reduced downside protection for the first time, but due to the tariff news, traders did not re-add to long positions, only adjusting for extreme tail risks. Short-term expiring contract trading data indicates that market sentiment is cautious rather than optimistic.