BTC short-term decline of 0.15%: driven by both leveraged capital outflows and on-chain fund migration

Between 09:30 and 09:45 (UTC) on February 25, 2026, BTC experienced a short-term decline, with a return of -0.15%. The price ranged from 65,416.9 to 65,563.9 USDT, with a volatility of 0.22%. Market attention continued to rise, volatility slightly increased, and some short-term funds shifted to a wait-and-see stance.
The main driver of this movement was a large-scale outflow of leveraged funds. Data shows that BTC open interest on a major exchange decreased by 1,200 BTC within 15 minutes, accounting for about 70% of the total network decline. Most leveraged long positions were forced to close, intensifying short-term selling pressure. Additionally, recent on-chain activity shows funds moving into USDT and stablecoins, with the largest single transfer reaching 800 BTC, tightening market liquidity.
Furthermore, over 2,500 BTC was withdrawn from whale accounts during this window, with some whales opting to stay on the sidelines. Meanwhile, there was no substantial positive macro news; global risk assets remained cautious, and the intraday net inflow of ETFs slowed down, further amplifying downward pressure on BTC in the short term. This confluence of factors led to a cooling of short-term trading sentiment.
Current short-term volatility has not fully played out. Support levels for BTC are around 65,300 USDT; a break below this could pose a short-term downside risk. Investors should monitor leveraged asset movements, on-chain fund flows, and subsequent macro events for potential correlations. Please stay tuned for real-time market updates and in-depth attribution analysis, and remain alert to risks from short-term fluctuations.