Bitcoin Price Faces Pressure from Coinbase Whales and Record ETF Outflows

Bitcoin’s market is a numbers game, and the latest figures tell a gripping tale. On February 26, 2025, the world’s leading cryptocurrency sits at a crossroads. Bitcoin price has danced wildly, dropping 1.69% in a day, per market data.

What’s driving this? CryptoQuant CEO Ki Young Ju points to Coinbase whales—big institutional players—making bold moves.

These moves align with a record-breaking $937.78 million outflow from spot Bitcoin ETFs on February 25, 2025. This is a test of Bitcoin’s bull cycle, fueled by the U.S.-based heavyweights and macroeconomic tremors.

Coinbase Takes the Wheel: 30% Spot Volume Surge

Coinbase is flexing its muscles. Ki Young Ju, in a February 26 X post, flagged a jump in the exchange’s spot volume dominance.

The U.S. based crypto exchange hit over 30% of total Bitcoin spot trading in the past week. That’s a hefty share. It signals U.S. investors, especially institutions, are steering the ship.

But here’s the twist: the Coinbase BTC premium—the price gap between Coinbase and exchanges like Binance—stayed negative. Ju’s analysis? This isn’t blind buying. It’s calculated. U.S. players drove the recent bull run *and* the correction, per CryptoQuant data.

Spot Bitcoin ETF Outflows Hit $937.78 Million

Spot Bitcoin ETFs are bleeding. On February 25, 2025, they saw their largest single-day outflow since launching: $937.78 million, according to SoSoValue.

That shatters the prior record of $680 million from December 19, 2024. Why the rush to the exits? It tracks whale activity on Coinbase.

Institutional investors are cashing out, adding selling pressure. 10x Research dug deeper in a February 23 report. Only 44% of U.S. Bitcoin ETF inflows are for long-term holding. The rest? Likely arbitrage plays per 10x Research. Actual demand for Bitcoin in multi-asset portfolios might be smaller than headlines suggest.

The market isn’t moving in a vacuum. Macroeconomic forces are rattling cages. The U.S. President Donald Trump’s proposed 25% tariffs on Canadian and Mexican imports, set for March 2025, are stoking inflation fears.

Investors are on edge. This uncertainty has fueled Bitcoin’s pullback, layering pressure on top of whale-driven shifts. It’s a one-two punch. The crypto market, already volatile, now faces a broader economic test.

Bitcoin Price Bull Cycle Still Alive? CryptoQuant CEO Says Yes

Despite the storm, Ki Young Ju remains steady. In an X post on Feb 19, he argued Bitcoin’s bull cycle holds firm. Past cycles saw drops of up to 30% from all-time highs without flipping bearish, he noted.

The current correction fits that pattern. CryptoQuant’s data backs him up. The Coinbase whale moves and ETF outflows are loud, but Ju sees them as noise within a larger trend. Bitcoin price’s resilience, he says, has history on its side.

Coinbase’s 30% spot volume dominance shows U.S. institutions are in control. The negative BTC premium hints at selling over buying.

The $937.78 million ETF outflow on February 25 dwarfs the $680 million record from December 19, 2024. Meanwhile, 10x Research’s 44% long-term holding stat tempers ETF hype. Add Trump’s tariffs to the mix, and you’ve got a market under pressure.

Yet, Ju’s historical lens—30% dips as normal—offers a counterpoint. Bitcoin’s bull cycle is tested, not broken. The whales on Coinbase are shaking things up, but the story’s far from over.