Bitcoin’s latest sell-off has renewed the “buy the dip” debate as traders track rising loss-taking and shifting fund flows. Price action has stayed volatile, and several market indicators now show stress across both retail and institutional channels.
Bitcoin traded near $66,712 on Wednesday, February 11, 2026, after it held above $70,000 on February 9–10. CoinGecko’s price history shows $70,542 on Feb. 9 and $70,096 on Feb. 10 before the move lower on Feb. 11.
The same dataset shows sharp swings earlier in the week. Bitcoin moved from $73,172 on Feb. 5 to $62,854 on Feb. 6, then rebounded to $70,524 on Feb. 7. These moves have kept short-term support and resistance levels in focus as traders reassess risk appetite.
On-chain metrics show heavier loss realization during the decline. The realized profit-to-loss ratio hovered near 0.25, a level that implies losses locked in much faster than profits during the same period. This pattern often appears when sellers dominate, and confidence weakens.
Capital flows also point to softer demand from newer participants. CryptoQuant-linked analysis put 30-day cumulative fund flows near -$2.6 billion, signaling net capital leaving the market over that window. When fresh inflows stay muted during a drawdown, each bounce can face renewed selling because fewer new buyers absorb the supply.
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US spot Bitcoin ETFs have shown a shift in daily flows this week. Farside Investors’ tracker lists a net inflow of $371.1 million on February 6, followed by $144.9 million on February 9 and $166.5 million on February 10.
Those inflows arrived while Bitcoin remained below recent highs, which suggests some allocation continued despite the drawdown.
Fund-level breakdowns also show mixed positioning. On February 10, Farside lists inflows of $26.5 million for IBIT, $56.9 million for FBTC, and $68.5 million for ARKB, among other entries. Meanwhile, the total net flow for February 10 sums to $166.5 million.
Sentiment indicators, however, still reflect elevated fear. A Santiment market note described a surge in negative positioning during the sell-off and framed the environment as one where many traders hesitate to buy dips after repeated downside moves. Those conditions can reduce immediate bid support, even when price begins to stabilize.
Bitcoin’s near-term setup now depends on whether selling pressure eases and whether new demand returns. On-chain loss realization and negative net flows highlight stress, while ETF inflow days show that selective buying still appears during sharp moves. Traders continue to watch whether these signals align into a steadier trend.