Bitcoin price holds ground as ETF flows and equities lend support

Bitcoin traded around $70,500 in the morning in Europe and briefly dipped to about $69,991 in early Asia hours before recovering, as the week opened with calmer conditions than the late-week whipsaw. The stabilization followed a fast reversal from the Feb. 5 selloff, when the market probed the low-$60,000s and then snapped back above $70,000 the next day.

The price action has left Bitcoin still deep below its late-2025 peak. After topping out near $126,000 in October 2025, Bitcoin remains down roughly 44% even after reclaiming the low $70,000s into Feb. 9 trading, keeping longer-term holders focused on whether the current range is a pause or a staging point for another leg lower.

Spot Bitcoin ETF flow data has been a key near-term temperature check. On Friday, Feb. 6, U.S. spot Bitcoin ETFs recorded a net inflow of about $330.7 million, led by roughly $231.6 million into BlackRock’s IBIT, alongside gains in ARKB, BITB, and Grayscale’s Mini trust, according to Farside Investors’ daily flow tally. The inflow landed after several sessions of heavy redemptions earlier in the month, when investors pulled money from the same products as Bitcoin broke below $70,000.

Those ETF swings have been mirrored in price-linked proxies and broader positioning. In the U.S., bitcoin-linked ETFs saw one of their worst sessions in more than a year on Feb. 5 as Bitcoin fell through $70,000 and under its 50-day moving average, with IBIT down more than 13% on the day, while the same report flagged large single-day outflows earlier in the week, including roughly $528 million exiting IBIT on Feb. 2.

Macro conditions have also been dictating the tape. The Feb. 6 rebound that pushed Bitcoin price back above $70,000 coincided with a sharp recovery in technology shares and a bounce in precious metals after a broader risk-asset rout, with equities regaining footing and metals rebounding strongly on the day. The co-movement reinforced how closely Bitcoin has traded with risk appetite, particularly during periods when leveraged positioning is being unwound across markets.

Rates and policy expectations have been part of the backdrop to the risk-off moves. Earlier in February, the market digested a renewed bout of cross-asset volatility tied to concerns about tighter monetary policy expectations, which coincided with sharp moves in equities and metals and fed through into crypto. In that environment, crypto traders pointed to forced deleveraging as liquidations rose, with one report citing roughly $2.56 billion of Bitcoin liquidations in recent days based on CoinGlass data.

Derivatives positioning adds another layer to the market structure, and the options market has been highlighting downside hedging demand even after the bounce. Data cited from the options venue Derive.xyz showed a build-up of put open interest, with traders clustering around $60,000 to $50,000 strikes for the Feb. 27 expiry, reflecting positioning that benefits if Bitcoin revisits the lows or breaks beneath them again. The same set of positioning indicators has kept attention on the $70,000 handle as a near-term pivot, and on the low-$60,000s as the next major downside reference point if selling pressure returns.

Around those levels, traders have been treating $70,000 as both a psychological marker and a chart point that can trigger systematic flows. The Feb. 5 selloff that pushed Bitcoin price below $70,000 also coincided with weakness in crypto-linked stocks and declines in large Bitcoin ETF vehicles, while the subsequent rebound reduced immediate pressure on leveraged positions that had been flushed out during the drop.

For now, the market has moved from disorderly selling into a more two-sided trade, but the setup remains sensitive to the same drivers that produced the whipsaw: ETF creations and redemptions, equity-market momentum, and rate-driven shifts in risk appetite. With Bitcoin holding above $70,000 into Feb. 9, traders are watching whether flows stay positive after the Feb. 6 inflow and whether options hedging demand eases ahead of the Feb. 27 expiry that has concentrated downside positioning near $60,000 to $50,000.