Feb 25, 18:00 UTC — this pattern repeated.
Smoothed Net Realized P&L exceeded $5M/hr. Price peaked at $69.4k and stalled.

Profit-taking continues to absorb momentum at the $70k threshold, consistent with a thin liquidity regime where even modest realization events are sufficient to suppress recovery attempts.

📉http://glassno.de/4kHB925

🔄UPDATE:

The $70k ceiling holds!

Feb 19 → Feb 25 → Mar 03, 02:00 UTC.

Each time the 12HR-SMA of Net Realized P&L spiked above $5M/hr, price stalled and reversed at the $69.4k range high. This region continues to cap every recovery attempt. The asymmetry reflects the fragility of the current demand structure.

Until this level of profit-taking can be absorbed without triggering rejection, $70k remains a ceiling, not a floor.

📉glassno.de/4kHB925

Perpetual Open Interest posted its largest daily % increase since July 2025.
Leverage expanded as price tested $69.4k, consistent with speculators betting on a $70k breakout that didn't materialize.

📈glassno.de/4u0lkrj

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#BTC Spot ETF flows are stabilising after sustained outflows. The 14-day netflow trend has turned higher, signalling easing distribution pressure as BTC breaks above 70k. Institutional demand remains tentative, but early re-accumulation signs are emerging.
https://glassno.de/4sLx5Rh