Bitcoin on-chain metrics remain resilient despite recent correction

The volatility Bitcoin experienced in February has led to a significant adjustment in the derivatives market and a purge of speculative positions. However, underlying fundamental indicators reveal a resilience that price movements do not necessarily reflect in real time. A mid-February 2026 market analysis shows that, although immediate pressure weighs on prices, Bitcoin’s network structure remains stable, suggesting cyclical changes rather than structural transformations.

Price correction and leverage liquidation: -26.60% in 30 days

Bitcoin has undergone a substantial retracement over the past month, with approximately a 26.60% decline in the last 30 days. This movement has triggered a noticeable shift in investor behavior, pushing unrealized profitability indicators into tense territory. The derivatives market has been particularly sensitive to this correction: open interest has fallen to levels not seen since September 2024, reflecting an effective purge of leveraged positions.

Historically, these market adjustments serve a purifying function. By eliminating overly leveraged positions, the market reduces its short-term systemic vulnerability. Although painful for traders, this liquidation helps establish a more solid foundation for the next phase of the cycle.

Slower distribution among long-term holders: a sign of strength

What sets this correction apart from others is the behavior of those who have held Bitcoin for extended periods. Long-term holders with over a year of ownership have significantly slowed their selling pace in recent weeks. This change in distribution pattern is revealing: it suggests that long-term investors are becoming more selective when selling in weak market conditions.

This slowdown in institutionalized holder distribution is a resilience marker. When the most informed and patient participants begin to reduce asset sales, it typically indicates that supply pressure is stabilizing rather than intensifying. This contrasts sharply with moments of widespread panic, where even long-term investors abandon their positions.

Miner supply contraction: structural on-chain support

Alongside the stabilization of distribution among holders, miners have reduced their sales. This contraction in mining supply is particularly significant when considered together with the leverage adjustment and the slowdown in long-term distributions.

Miners are key institutional actors in the ecosystem: their selling or holding decisions directly impact Bitcoin’s supply dynamics. When miners choose to hold rather than sell en masse, it acts as a structural buffer against future price drops. This retention suggests that even Bitcoin producers see value at current levels, reinforcing the resilience observed on the chain.

On-chain resilience versus price volatility: a temporal gap

The analysis reveals an interesting disconnect between what prices show and what on-chain metrics indicate. While macroeconomic volatility and the retreat of speculative sentiment have pressured prices, underlying data paint a different picture:

Long-term holder distribution remains controlled. Miner supply is contracting. The derivatives market has been purged of excesses. Open interest in futures contracts is at lows.

These combined dynamics suggest that Bitcoin’s resilience is not in visible price figures but in the network’s architecture itself. Corrections like this—though uncomfortable in the short term—can serve as catalysts for the next bullish phase once macroeconomic uncertainty dissipates.

As February comes to a close, markets continue processing global uncertainty. However, on-chain indicators remain the most critical lens to distinguish whether these declines represent a cyclical shift within a broader trend or the start of a deeper reconfiguration. For now, the data suggest the former: resilience beneath the surface, awaiting recognition in the price.