Bitcoin Adoption Gains Momentum Even as the Bear Market Deepens – Signals to Watch
By CoinTelegraph Staff | February 26, 2026
Bitcoin (BTC) has spent the last three weeks trading within a relatively tight band of $60,000 – $70,000, after a 35 % slide that began on 14 January. While the price action appears muted, several underlying metrics point to a growing commitment of capital across the ecosystem. Below we break down the most relevant adoption‑related signals – from institutional ETF flows to miner activity and corporate treasuries – and discuss what they may imply for the next phase of Bitcoin’s price cycle.
1. Spot‑ETF Inflows Remain in the Red
The 90‑day rolling average of net flows into U.S. spot‑Bitcoin exchange‑traded funds (ETFs) has slipped to ‑$2.18 billion. Historically, the metric has turned negative only twice in the past two years: once between March and May 2025, and again from mid‑December 2025 to the present. In both cases the market entered a corrective phase shortly after the outflow trend emerged.
A sustained negative average means that, over the longer term, more capital is leaving these funds than entering them, which dampens buying pressure and can limit price upside. Conversely, a move back above zero – especially if followed by consistent inflows – would signal renewed institutional appetite and typically precedes stronger price moves and improved liquidity.
2. Whale Accumulation Beats the Long‑Term Trend
CryptoQuant tracks the year‑over‑year change in holdings for addresses holding 1,000 – 10,000 BTC. Between June and November 2023, these “whale” wallets accumulated over 200,000 BTC while Bitcoin traded in the $25k–$30k range. The key technical insight is the crossover of the raw 1‑year change above its 365‑day moving average – a pattern that previously coincided with a period of supply absorption and a subsequent bullish rally.
If the 1‑year change remains above its moving average, it suggests that large‑scale holders are buying faster than their historical norm, which often precedes a price breakout. Monitoring this metric can therefore provide an early warning of a potential shift from sideways to upward price dynamics.
3. Hash‑Rate Holds Steady While Price Declines
The 30‑day average hash‑rate, a proxy for the network’s total computational power, is hovering around 0.99 zettahashes per second (ZH/s), down from a peak of 1.10 ZH/s reached in November 2025. Although both hash‑rate and price have drifted lower in recent weeks, a relatively flat (or slowly rising) hash‑rate during a price consolidation phase signals that miners continue to invest in hardware and energy capacity despite short‑term market weakness.
When the hash‑rate outpaces price movements, it can be interpreted as a sign of confidence from the mining community and may foreshadow a price rebound, provided miner economics improve – i.e., stable hash‑price and reduced sell pressure.
4. Corporate Treasury Accumulation Slows
Data from bitcointreasuries.net show that public companies added ≈ 43,200 BTC in January 2025, with MicroStrategy accounting for roughly 93 % of the sum. The monthly addition curve peaked at 148,000 BTC in November 2024 and 87,000 BTC in July 2025, but has since tapered to a modest 0.1 % growth relative to the 1.13 million BTC currently held by all listed firms.
The slowdown suggests that corporate holders are largely maintaining existing positions rather than aggressively expanding them. For the market, accelerating treasury inflows have historically helped absorb sell pressure and support price gains, whereas a plateau might indicate that corporate demand will not be a catalyst for a near‑term rally.
5. Putting the Pieces Together
The juxtaposition of negative ETF flows, steady or growing miner hash‑rate, whale accumulation above long‑term averages, and flattening corporate treasury additions paints a nuanced picture:
| Signal | Current Direction | Typical Market Interpretation |
|---|---|---|
| Spot‑ETF net flows (90‑day avg) | Negative ($‑2.18 bn) | Weak institutional demand; bearish pressure |
| Whale 1‑yr holdings change vs. 365‑day SMA | Above SMA (crossover) | Large‑holder buying acceleration; potential bullish catalyst |
| 30‑day mean hash‑rate | Slightly below peak but stable | Miner confidence; infrastructure expansion independent of price |
| Corporate BTC treasury growth | Slowing, ~0.1 % monthly | Limited new corporate demand; supply absorption slower |
The combination suggests that while institutional fund inflows are lagging, large private holders and miners are still positioning for the long term. This divergence can create a “quiet” accumulation phase that may precede a price breakout once one of the dominant signals – such as a swing back to positive ETF flows or a decisive rise in corporate buying – re‑aligns with the underlying demand.
Key Takeaways
- ETF outflows remain a headwind for short‑term price upside; a reversal to net inflows could reignite institutional participation.
- Whale activity is currently outpacing its long‑term trend, a historically bullish indicator that may precede a price rally.
- Hash‑rate stability signals miner confidence, even as price remains flat; a rising hash‑rate ahead of price could foreshadow future gains.
- Corporate treasury expansion has decelerated, indicating that public‑company buying is not presently a strong catalyst.
- Overall, Bitcoin is in a consolidation phase with underlying capital commitment – a classic setup for a potential breakout if one of the positive signals gains momentum.
Investors should keep an eye on these metrics, especially the ETF flow trajectory and whale accumulation crossover, for early signs of any shift in market sentiment. As always, the crypto market remains highly volatile; thorough due‑diligence and risk management are essential.
This article does not constitute investment advice. Readers should perform their own research before making any financial decisions.
Source: https://cointelegraph.com/news/bitcoin-adoption-booming-while-price-chops-which-metrics-matter-most?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
