The past week saw notable momentum in Bitcoin’s ecosystem, with significant shifts across on-chain activity, mining dynamics, and market sentiment. Despite ongoing consolidation near the $10,000 mark, key indicators suggest growing institutional and retail interest. This report dives into the latest data trends, from surging address growth to mining resilience ahead of the upcoming halving.
Market Overview: Bitcoin Consolidates Near $10,000
Bitcoin traded in a tight range between $9,400 and $10,200 during the week of February 17–23, reflecting a narrowing volatility corridor compared to previous weeks. The most dramatic movement occurred early on February 20, when BTC dropped sharply from $10,200 to $9,500—a 6% decline—before stabilizing.
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Technical analysis reveals a potential bullish setup. On hourly charts, BTC broke through a minor resistance level at $9,750**, now approaching a mid-tier resistance near **$9,900. A sustained hold above this level could pave the way for a retest of the strong resistance zone at $10,200, which remains a critical battleground for bulls and bears alike.
Net Inflows Return After Heavy Outflows
After a bearish $550 million net outflow** the prior week, Bitcoin saw a turnaround with **$22 million in net inflows this week. This shift coincided with the breakout above $9,750, signaling renewed capital interest. While not yet a flood, the reversal suggests that large investors may be accumulating during dips.
USD Dominates Fiat Trading Volume
Fiat trading pairs showed a dramatic shift in dominance:
- USD accounted for 88% of all Bitcoin-to-fiat volume—an increase of 35% week-over-week.
- KRW (South Korean won) collapsed by 79%, falling to just 4.5% of volume and dropping to fourth place.
- JPY (Japanese yen) also declined to 6.3%, continuing its downward trend.
This consolidation around the U.S. dollar highlights growing institutional participation and regulatory clarity in dollar-denominated markets.
On-Chain Activity: Strong Growth in User Engagement
On-chain metrics point to rising network engagement, particularly among new users and small holders.
Large Transactions Rise 13%
Transactions involving 100 BTC or more increased by 13%, totaling 5,315 large transfers this week. This uptick often correlates with whale activity and institutional movement, suggesting increased confidence or portfolio rebalancing.
New Addresses Surge by 94%
The number of newly created Bitcoin addresses jumped to over 300,000, marking a 94% increase from the previous week. This surge indicates strong onboarding of new users—possibly retail investors entering the market.
Meanwhile, active addresses fluctuated between 550,000 (low) and 790,000 (high) during the week. The weekly low alone represented a 67% increase compared to the prior week’s minimum, reinforcing the trend of growing daily usage.
Small Holders Control Nearly Half the Network
A closer look at wallet distribution reveals:
- 48.75% of addresses hold just 0.01% of total BTC supply—reflecting widespread micro-investment.
- Another 24.13% of addresses control 0.14% of supply, showing growing mid-tier ownership.
This concentration among small holders underscores Bitcoin’s decentralization and long-term holding behavior, often seen as a sign of network health.
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Mining Ecosystem: Signs of Recovery
Despite macroeconomic uncertainty, the mining sector shows resilience.
Network Hashrate Rebounds
The global hashrate rose to 112.45 EH/s, up 3% from last week. This recovery suggests that mining operations—especially in China—have largely resumed normal operations post-pandemic disruptions. Improved logistics and power access have allowed new ASICs to come online.
However, the next difficulty adjustment is expected to drop by 0.8%, slightly less than the projected 2% decline last week. This modest rebound reflects stabilizing competition among miners.
Top Pools Compete Closely
The top mining pools are locked in a tight race:
- Poolin (币印) leads with 20.49 EH/s, maintaining first place despite a slight dip in luck (91%).
- F2Pool (鱼池) follows closely at 20.47 EH/s, nearly matching Poolin’s hashrate.
- BTC.com holds steady at 14.3 EH/s.
- Antpool saw a minor hashrate decline but improved share due to high block-finding luck (>100%).
This competition fosters decentralization and network security ahead of the halving.
Key Developments & Industry Insights
Whale Account Hacked: $26M in BTC and BCH Stolen
On February 22, a Reddit user named “zhoujianfu” reported losing 1,547 BTC and ~60,000 BCH, valued at approximately $26 million. Verification by Poolin’s founder Pan Zhibiao confirmed ownership of the address. Security teams observed stolen funds being fragmented into smaller amounts and funneled into exchanges—typical laundering behavior.
This incident highlights ongoing risks for high-net-worth individuals and the importance of cold storage solutions.
Over 700,000 Addresses Now Hold ≥1 BTC
Blockchain analytics firm IntoTheBlock reported that the number of addresses holding at least 1 BTC has surpassed 700,000 for the first time. Additionally:
- 144,297 addresses hold 10 or more BTC.
- These figures reflect growing adoption and long-term confidence in Bitcoin as digital gold.
FCoin Faces Liquidity Crisis
Former exchange FCoin admitted it may be unable to cover withdrawals, with an estimated shortfall of 7,000–13,000 BTC ($68.6M–$127M). Data from Chainsmap shows its cold wallet balance peaked at 11,509 BTC in July 2018, then steadily declined—indicating prolonged fund withdrawals before collapse.
Kraken Warns of $3.1B Mining Revenue Drop Post-Halving
In a recent report, Kraken analyzed the impact of the upcoming halving. If BTC price remains around $9,300**, mining revenue could fall by **$3.1 billion annually due to the 50% block reward reduction. Post-halving inflation will drop from 3.7% to 1.8%, tightening supply—a historically bullish signal over time.
FAQ Section
Q: What does a surge in new Bitcoin addresses mean?
A: A spike in new addresses often signals growing adoption and user onboarding, especially from retail investors exploring cryptocurrency for the first time.
Q: Why did USD-BTC trading volume increase so sharply?
A: Increased institutional activity, regulatory clarity in U.S.-based platforms, and global macroeconomic trends favoring dollar-denominated assets likely drove this growth.
Q: How does the hashrate rebound affect Bitcoin’s security?
A: A rising hashrate strengthens network security by making attacks more costly and difficult, ensuring transaction integrity and decentralization.
Q: Could small holder dominance lead to price volatility?
A: While small holders tend to hold long-term, sudden sell-offs during market stress can amplify volatility—though current data shows strong accumulation patterns.
Q: Is the mining industry prepared for the halving?
A: Yes—despite projected revenue drops, improved efficiency, lower electricity costs, and new hardware are helping miners adapt ahead of May’s event.
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