Bitcoin slides 5%, tumbling below $65,000 as whale selling grows and recent buyers lock in losses

Bitcoin experienced a sharp 5% decline, falling to $64,700 at the start of the week, mirroring a drop in U.S. stock futures while precious metals rose. On-chain data from Glassnode indicates that while the intense panic selling by short-term holders has cooled since early February, they are still realizing losses, suggesting a base-building phase rather than a strong uptrend. Concurrently, CryptoQuant data shows that the majority of recent exchange inflows are now coming from large holders (whales), evidenced by a climbing exchange whale ratio to its highest level since 2015. Furthermore, stablecoin inflows have contracted significantly, signaling reduced marginal buying power. These metrics collectively suggest the market is digesting a capitulation event but lacks strong demand, leaving the $65,000 level as a critical near-term pivot point.

(Source：CoinDesk)