Bitcoin’s continuous price slump finally came to a halt after the asset plunged to $78,000, and it has managed to recover about seven grand since then.

The altcoins are also well in the green today, with substantial gains from almost all of them.

BTC Rebounds $7K

It was a violent week, to say the least, for bitcoin and the entire crypto market. The primary digital asset challenged $100,000 the previous Friday but was quickly rejected after the hack against Bybit. The weekend was calmer, but the business week turned sour once again.

By Tuesday, bitcoin had lost over ten grand since the weekend and more than $13,000 since Friday in a price slump to $86,000. After a minor dead-cat bounce to $89,000, the bears returned with another leg down that drove BTC to $82,000 on Thursday.

The most painful decline came on Friday morning as the cryptocurrency plunged below $80,000 and all the way down to $78,200 (on Bitstamp), which became the newest three-month low and made February 2025 the worst in over a decade.

Many industry experts warned that the worst is yet to come and that BTC could drop to $70,000 over the weekend. However, that hasn’t been the case so far. Just the opposite, BTC stands close to $85,000 after regaining $7,000 since yesterday’s low.

Its market capitalization remains below $1.7 trillion, while its dominance over the alts is close to 58% on CG.

Alts in Recovery Mode

The alternative coins went through some massive crashes within the same timeframe but are well in the green on a daily scale now. Ethereum is above $2,200 after a 5% increase since yesterday, while BNB has neared $600 following a 4% surge.

Ripple’s native token defended the $2 level and is up to $2.17 now after gaining 8%. More impressive price increases come from SOL (10%), DOGE (9.5%), ADA (7.5%), SUI (9%), and XLM (15%).

HBAR, APT, BCH, ONDO, and TRUMP have also charted notable double-digit price gains since yesterday.

The total crypto market cap has recovered roughly $200 billion and is up to $2.9 trillion on CG.

Bitcoin’s price crashed hard in the past week, losing over twenty grand in just days and dropping to the lowest levels since mid-November 2024.

Such a substantial price decline naturally brings the question of whether this is just another ‘normal’ dip or whether the bull market has been cut short.

End of Bull Market Narrative

Who else can lead the ‘end of the bull market’ sentiment other than the permanent BTC bear – Peter Schiff? After all, he uses every opportunity to bash the asset, even if it’s charting massive gains and outperforming his favorite asset – gold. So, what would he do when bitcoin’s price is tumbling – that’s right, go on a bashing spree?

In his latest barrage against the largest cryptocurrency, he advised people to move away from its ‘bear market rally’ and join the ‘bull market rally’ in gold as both headed in different directions on Friday. BTC finally bounced off after several days of consecutive declines and went from the aforementioned multi-month low to $84,000-$86,000. In contrast, the precious metal retracted to under $2,850.

Bitcoin rallied back from below $79K to above $84K. Meanwhile gold corrected from above $2,950 to below $2,850. This is a great opportunity to use Bitpay to sell the bear market rally in Bitcoin and buy the bull market dip in gold. https://t.co/P21SuYSUub

— Peter Schiff (@PeterSchiff) February 28, 2025

Although he’s always pessimistic, Schiff’s words are not without merit. Aside from the dropping BTC price, the network behind the asset has seen a substantial decline in terms of activity and even hash rate and mining difficulty in the past few weeks.

All of those, combined with the growing number of ETF outflows in the States, as well as Trump’s controversial policies, have led many to question whether the curtain has closed on this cycle’s bull run.

Even February betrayed BTC. A historically bullish month, especially after a halving year, has brought tons of gains for the asset. However, February 2025 turned out to be the worst for BTC’s price in over a decade.

The Not-So-Fast Narrative

BTC is known for its highly volatile price moves in both directions. It has a long history of going down by double-digits after an explosive rally, and many argued that there wasn’t a real correction during this cycle, although it dipped toward $90,000 on a couple of occasions after it peaked above $100,000.

In fact, even the one that brought it to $78,000 on Friday, which is a 28% drop from the all-time high in January, is not that violent compared to previous crashes.

List of Bitcoin corrections in the run-up to $20k in 2017:
-41%
-38%
-29%
-34%
-41%
-40%
-27%

List of Bitcoin corrections in the run-up to $69k in 2021:
-21%
-17%
-31%
-26%
-55% (!!)
-25%

— matthew sigel, recovering CFA (@matthew_sigel) February 28, 2025

Consequently, bitcoin OGs like Adam Back noted that such dips are ‘normal’ in bull markets and advised people to ‘zoom out.’ Crypto Rover told his 1.1 million followers that if they had survived this dip, they would ‘get rich.’ One analyst even outlined a highly bullish target of almost $300,000.

My #Bitcoin bull market price target is $280,000! pic.twitter.com/JfXqpZ4iCX

— CryptoGoos (@crypto_goos) February 25, 2025

After eight consecutive days of net outflows, some in an extreme manner, the spot Bitcoin ETFs finally saw some relief on Friday.

However, the same cannot be said about the Ethereum counterparties, as they extended their negative streak to seven days in a row.

BTC ETFs: The Bad and Minor Good

The US-based spot Bitcoin ETFs didn’t enjoy February, which turned out to be the worst month in terms of net outflows since their inception over a year ago. The second part of the month was particularly painful, which is perhaps what helped make February 2025 the poorest for BTC’s price movements in over a decade.

There hasn’t been a day with a triple-digit net inflow since February 7. In fact, only two trading days since that date have been in the green, while the remaining 12 were deep in the red. The biggest net withdrawals came on February 25 when $1.138.9 billion left the funds. The two surrounding dates – 24 and 26 – were also deep in the red, with $539 million and $754.9 million exiting, respectively.

After another $275.9 million was withdrawn on Thursday (Feb 27), the tables finally turned on Friday with $94.3 million in net inflows. Despite this minor glimpse of hope, though, the week still ended deep in the red, with $2,614.1 billion exiting the funds.

Perhaps it’s no surprise that BTC’s price went from $96,000 to $78,000 within this timeframe and dumped to its lowest level since early November 2024.

ETH ETFs in Knockdown State

The spot Ethereum ETFs had a slightly different trajectory this month as they even registered some consecutive days of net inflows from February 13 to February 19, granted there were three non-trading days within this timeframe.

However, their streak was halted on February 20, and they have bled out each trading day since. The past week alone saw $78 million taken out on Monday, $50.1 million on Tuesday, $94.3 million on Wednesday, $71.2 million on Thursday, and $41.9 million on Friday. Overall, the week ended well in the red, with $335.5 million leaving the funds.

ETH’s price performance was quite similar to that of BTC, as the asset is now down by over 20% on a weekly scale. Moreover, it dipped toward $2,000 for the first time in several months but managed to defend that level, at least for now.