Bitcoin Adoption Booms While Bear Market Deepens: Watch These Signals

Since dropping by 35% between Jan. 14 and Feb. 5, Bitcoin (BTC) has consolidated in a range between $60,000 to $70,000 over the past 22 days. At the same time, several BTC adoption-linked metrics are moving in different directions across exchange-traded funds (ETFs), whales, miners, and corporate Bitcoin treasuries.

These divergences highlight steady capital commitment beneath muted price action and how each signal fits into the bigger picture.

Bitcoin ETF flows remain negative

The 90-day rolling average of US spot Bitcoin ETF net flows has dropped to -$2.18 billion. Over the past two years, the metric has turned negative only twice: between March 2025 and May 2025, and in the current stretch that began on December 11, 2025. In both instances, Bitcoin followed with a corrective phase.

When the rolling average turns negative, it means more money is leaving ETFs than coming in over a longer period. That reduces buying pressure, weakens overall demand, and can make it harder for prices to move higher.

A move back above zero, followed by steady inflows, may mark the return of institutional participation. Sustained positive readings tend to align with stronger price action from BTC, alongside improving liquidity conditions.

BTC whale accumulation versus the dominant trend

CryptoQuant data tracks the 1-year change in total whale holdings and its 365-day moving average. Addresses holding 1,000 BTC to 10,000 BTC added more than 200,000 BTC between June and November 2023, while the price ranged between $25,000 and $30,000.

When the raw 1-year change crosses above its 365-day average, whales are accumulating faster than their longer-term trend. That crossover in 2023 coincided with supply absorption during sideways trade, which eventually led to BTC’s bullish rally.

Thus, a bullish trend may unfold for BTC once the 1-year change sustainably moves above its moving average (365-SMA), signaling renewed large-scale absorption.

Hash rate and infrastructure signal

Bitcoin’s 30-day mean hash rate stands near 0.99 ZH/s after peaking at 1.10 ZH/s in November 2025. Both hash rate and price have moved lower in recent weeks.

Hash rate measures the computational power securing the network and reflects miner investment in hardware and energy capacity. Rising hash rate during price consolidation points to infrastructure expansion independent of short-term price gains.

If the hash rate trends higher while the price trades sideways, it points to a stronger long-term commitment from miners. A sustained divergence, where hash rate rises ahead of price, can signal growing confidence within the mining sector.

Likewise, miner economics must also improve. Stabilizing the hash price and lower miner sell pressure confirms that rising computational power is backed by healthier revenue conditions rather than tightening margins.

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Corporate BTC treasury concentration cools

A recent report from bitcointreasuries.net noted that treasuries added roughly 43,200 BTC in January 2025, with Strategy accounting for about 40,150 BTC.

Zooming out, the chart shows that corporate accumulation by Strategy has slowed significantly since late 2024. Monthly additions peaked near 148,000 BTC in November 2024 and 87,000 BTC in July 2025.

Recent monthly figures are materially lower, and the last 30-day increase represents only a marginal change relative to the 1.13 million BTC now held by public companies.

The latest monthly net increase equates to roughly 0.1% growth relative to total public company holdings. That pace signals stability rather than acceleration in treasury expansion.

For BTC price, broader and accelerating treasury inflows help absorb available supply more effectively. Slower growth, by contrast, signals companies are largely maintaining positions rather than driving new demand.

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