Major cryptocurrencies, including Ether, XRP, Solana, Dogecoin, Cardano and BNB, also declined as digital assets continued to trade in line with broader macro and trade headlines. Bitcoin has plunged to $64,700 in early trading in the new week, down 5% over the past 24 hours. Losses realized by recent bitcoin buyers have eased from roughly $1.24 billion to $480 million per day, signaling that panic selling is cooling but that a bottom-building phase may still be underway. Exchange data shows large holders now dominate selling, altcoin deposits and volatility are rising, and stablecoin inflows have shrunk, all pointing to weaker buying power as bitcoin tests support around $65,000.
The move in bitcoin follows a sharp flush from the $67,000 range, where it was trading over the weekend, and comes as on-chain data from Glassnode and CryptoQuant suggest the worst of the panic may have passed, but the broader structure remains under pressure. Glassnode data shows that recent bitcoin buyers were realizing heavy losses earlier this month. A smoothed 7-day measure of short-term holder profits and losses fell to –$1.24 billion per day on Feb. 6, meaning newer investors were collectively locking in more than $1 billion in losses each day. That figure has since improved to about –$0.48 billion per day.
In other words, panic selling has slowed but has not fully stopped. Recent buyers are still selling at a loss overall, a dynamic that typically appears during bottom-building phases rather than during strong uptrends. Exchange flow data from CryptoQuant paints a similar picture of shifting market dynamics. Data from CryptoQuant’s latest weekly report shows that the amount of bitcoin being sent to exchanges surged to about 60,000 BTC per day during the early February drop toward $60,000.
Leave a Reply