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Bitcoin Resilience Tested Amid ETF Outflows, Options Expiry, and Macro Risks |
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February 20, 2026 |
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▶ Play Audio Brief
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Today’s Setup
Bitcoin and Crypto Markets Face Headwinds from ETF Flows, Options Expiry, and Regulatory Developments
Bitcoin ETFs: Despite recent outflows totaling $8.5B since October, Bitcoin ETFs maintain $53B net inflows, highlighting ongoing investor interest amid bearish pressure. Options Expiry: Nearly $2.5B in Bitcoin and Ethereum options expire this week, with a significant $40,000 BTC call open interest suggesting potential volatility in price action. Policy and Macro: White House discussions advance on a crypto clarity bill with stablecoin reward incentives, while Japan’s historic fiscal package and Fed repo operations create macro uncertainty.
Watch: Bitcoin’s price action through options expiry and ETF flow dynamics will be critical to gauge market direction amid geopolitical tensions and regulatory shifts.
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Top Stories
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Bitcoin ETFs maintain $53B net inflows despite recent outflows
Spot Bitcoin ETFs have sustained $53 billion in cumulative inflows despite $8.5 billion in outflows since October, reflecting continued demand amid recent bearish price action and liquidations exceeding $200 million.
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$2.5 Billion Bitcoin and Ethereum Options Expiry Looms with Notable $40,000 BTC Bet
Bitcoin and Ethereum options worth nearly $2.5 billion are set to expire, with Bitcoin showing a call-heavy skew and a significant cluster of open interest at the $40,000 strike, well below current spot prices. Ethereum options also exhibit upside bias, creating conditions for potential volatility.
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White House advances talks on crypto clarity bill and stablecoin rewards with Ripple and banks
Ongoing White House discussions involving Ripple and banking representatives aim to finalize a crypto clarity bill expected to pass by April and introduce stablecoin reward incentives tied to transaction usage, although no definitive deal has been reached yet.
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Bitcoin Price Volatility and Market Structure Amid Geopolitical and Technical Shifts
Bitcoin neared $68,000 amid rising gold prices on US-Iran tensions and recorded a 15% difficulty increase, the largest since 2021, despite recent price declines. Technical indicators and options market positioning point to a possible retest of $60,000, highlighting heightened volatility.
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CME Group to Launch 24/7 Crypto Derivatives Trading on May 29
CME Group announced plans to offer 24/7 trading of regulated cryptocurrency futures and options starting May 29, pending regulatory approval, aiming to align with continuous spot crypto trading and meet institutional demand for risk management tools.
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| Also on the Wire |
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• Illicit stablecoin activity hit $141 billion in 2025, under 1% of total volume dominated by sanctions evasion and money laundering.
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CoinDesk
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• Metaplanet CEO defends $1.2 billion unrealized Bitcoin losses amid governance criticism and transparency concerns.
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BeInCrypto
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• Japan enacts record ¥122.3 trillion ($793 billion) fiscal package, fueling risks and implications for Bitcoin amid economic challenges.
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BeInCrypto
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• Bitcoin market shows signs of reset with increased dominance and accumulation signals, indicating possible deeper pullback to $60,000.
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AMBCrypto
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• Bitdeer stock drops over 18% on $300 million convertible note offering due to investor dilution concerns.
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Bitcoin Magazine
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• Hacker returns $21 million in stolen bitcoin to South Korea, exemplifying law enforcement success and ongoing security risks.
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The Block
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• Ledn closes $188 million Bitcoin-backed bond deal rated BBB-, signaling renewed institutional appetite for crypto credit.
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CryptoNews
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• Australia exec charged with selling cyber secrets to Russia for $1.26 million in cryptocurrency.
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Decrypt
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