Bitcoin Slides Below $66,000 as Spot‑Market Weakness Fuels Bearish Momentum
Wednesday, 11 February 2026 – New York session
Bitcoin (BTC) extended its three‑day decline on Wednesday, slipping beneath the $66 k threshold as sellers regained control after a short‑lived attempt to push the price above $70 k. Market‑wide data point to a lack of fresh spot‑market buying, especially from U.S. investors, and suggest that the current pullback is being driven largely by spot‑driven sell orders on Binance.
What the numbers say
| Metric | Latest reading | Recent trend |
|---|---|---|
| Coinbase premium (difference between Coinbase and other exchanges) | Negative (below zero) | Persistent through the week, indicating muted U.S. spot demand |
| Cumulative volume delta (CVD) on Binance | – $5.7 bn | Continuing to fall, showing net selling pressure |
| Open interest (derivatives) | $17.6 bn | Down from $20 bn on Monday, suggesting leverage unwinding |
| 30‑day new money flow | – $2.8 bn | Turned negative, with daily flows around –$239 m |
| Young‑supply share (coins moved in the last 30 days) | ~13 % | Near the lower edge of its recent range, reflecting reduced speculative activity |
Key takeaways
- U.S. investors are staying on the sidelines. The Coinbase premium—an indicator that compares BTC prices on Coinbase with those on other platforms—remained in negative territory, signalling limited participation from American spot traders.
- Net selling dominates on Binance. The CVD metric, which aggregates the difference between buy‑side and sell‑side volume, has been registering lower highs, confirming that spot‑driven sell orders are outweighing buying interest.
- Leverage is being trimmed. Open interest has fallen by roughly $2.4 bn in two days, implying that long‑position holders are closing out rather than adding new exposure.
- Capital inflows have stalled. A 30‑day cumulative new‑money flow that previously turned positive now sits at about –$2.8 bn, and daily inflows are modestly negative, indicating that price declines are not attracting fresh funding.
- Speculative pressure is easing. The “young‑supply” metric, which tracks recently moved coins, has cooled to the low‑13 % range, a level typically associated with weak speculative participation.
Market analysis
The price pullback came after Bitcoin failed to sustain a breakout above $70 k, a level that had previously acted as a psychological barrier. With the Coinbase premium staying negative, the usual boost from U.S. spot demand is absent, leaving the market more reliant on Asian and European participants, where Binance commands the bulk of trading volume.
The sustained negative CVD on Binance points to spot‑driven selling as the primary engine behind the decline, rather than a shift in futures market dynamics. Although the bid‑ask ratio momentarily turned marginally positive (around +0.14), the move appears to be a short‑term reaction rather than evidence of genuine buying pressure.
Open interest falling from $20 bn to $17.6 bn suggests that leveraged traders are phasing out exposure, which may reduce the likelihood of a rapid upside rebound. Historically, strong bullish moves in Bitcoin have been accompanied by rising open interest, expanding young‑supply, and robust new‑money inflows—all of which are currently absent.
The broader macro‑environment also matters. Recent reports on spot Bitcoin ETFs show modest inflows of $167 m, barely offsetting the prior week’s outflows, underscoring the tepid appetite among institutional investors at these price levels.
Outlook
If spot demand continues to lag and the negative premium persists, Bitcoin may face further downside pressure toward the $62 k‑$64 k range. Conversely, a revival of U.S. spot buying—reflected in a positive Coinbase premium—or a resurgence in new‑money inflows could provide the catalyst needed to stabilize the price and halt the current sell‑off.
Traders and investors should monitor the following indicators for early signs of a shift:
- Coinbase premium – a move into positive territory would signal renewed U.S. appetite.
- Cumulative volume delta – a break above the declining trend line could indicate buying accumulation.
- Open interest and funding rates – a stabilization or rise would suggest that leverage is being redeployed.
In the meantime, the market appears to be in a bearish‑dominant phase, with spot‑driven selling and weak inflows dictating price action.
The information presented here is for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research before making any investment decisions.
Source: https://cointelegraph.com/news/bitcoin-rebound-hype-fades-as-range-highs-crumble-here-s-why-btc-is-volatile?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
