Between 02:00 and 02:15 (UTC) on February 17, 2026, Bitcoin (BTC) experienced a short-term rally, gaining +0.73% with an opening price of approximately $68,861, significantly boosting market attention. Spot and derivatives trading volumes within this window also increased concurrently, with bullish momentum strengthening and market volatility intensifying.
The primary driver of this movement was large whale capital outflows coupled with dominant spot buying. Latest on-chain data shows that whales net withdrew 10,316 BTC from exchanges, while transfer volumes to exchanges decreased to 4,450 BTC, clearly reducing selling pressure and making it easier for prices to rise. Additionally, long-term holders realized profits that dropped to cycle lows, reducing their profit-taking willingness and providing structural support for a short- to medium-term rebound. In the derivatives market, open interest continued to grow, with short-term long positions dominating, some short positions being forced to close, further pushing prices higher.
At the same time, multiple factors resonated in the market: on one hand, spot buying returned, with buy orders increasing on order books, and the CVD indicator on major trading platforms turning positive, continuously absorbing market supply; on the other hand, intraday futures liquidity was weak, amplifying the impact of large orders on prices and increasing short-term volatility. Macro-wise, the Fed’s rate hike expectations remained unchanged, overall risk appetite in the US slightly rebounded, and short-term sentiment stabilized, all of which triggered bullish momentum and capital to jointly push BTC higher.
Although the short-term rebound trend for BTC is clear, the overall market remains in a low-volatility, divergent direction state. Under whale and institutional dominance, changes in trading structure can easily intensify subsequent fluctuations. Going forward, key focus should be on the sustained strength of spot buying, the scale of on-chain capital outflows, and changes in open interest in derivatives. Meanwhile, critical support levels (such as $81,000) and macro policy developments remain important indicators for short-term market direction, and investors should remain alert to sudden capital withdrawals that could trigger a new round of sharp adjustments. Market updates and news can be continuously monitored for more insights.
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