$BTC is back above $70K, printing $70,318 with a 2.23% daily bounce.

But zoom out.

It’s still down 26% in a month. That kind of drawdown doesn’t disappear with one green candle.

Fear is everywhere. The Crypto Fear & Greed Index is sitting at 13, Extreme Fear. That’s not mild uncertainty. That’s panic.

And yet, Bitcoin still controls ~59% of the entire crypto market cap. Capital is scared, but it hasn’t left BTC.

Here’s where it gets interesting:

• Spot ETFs just saw $15.1M in inflows on Feb 13

• Institutions might be quietly stepping back in

• Mining difficulty and hash rate are both declining for the first time in years

Volatility is high. Sentiment is broken. Structure is shifting.

This is not a stable phase. It’s a transition phase.