Bitcoin (BTC) has experienced a significant decline as the new trading week starts, dropping approximately 5% within the last 24 hours to trade near $64,700.
Meanwhile, U.S. stock futures are also trending downward, with the Nasdaq 100 leading losses at around 0.9%. In contrast, precious metals have surged notably—gold has risen by about 2%, and silver has jumped over 5.6%.
This downturn in Bitcoin follows a steep retreat from its weekend levels around $67,000. On-chain analytics from Glassnode and CryptoQuant indicate that while the worst phase of panic selling might be behind us, overall market conditions remain strained.
According to Glassnode’s data, investors who recently purchased Bitcoin faced substantial losses earlier this month. A smoothed seven-day metric tracking short-term holder profits and losses dropped to negative $1.24 billion per day on February 6th—meaning newer buyers were collectively realizing more than one billion dollars in daily losses at that time.
The seven-day exponential moving average of net realized profit & loss for recent investors plunged to –$1.24B/day on Feb 06 before easing to –$0.48B/day today.
Although selling pressure has lessened somewhat, market conditions still reflect stress with participants likely forming a base… https://t.co/rhCsrDuDfJ pic.twitter.com/00zibdP1om— glassnode (@glassnode) February 23, 2026
This figure later improved to roughly negative $480 million per day — signaling that panic-driven liquidation is slowing but not entirely ceasing yet. The fact that recent buyers continue selling at an overall loss typically aligns with phases where markets are consolidating rather than rallying strongly.
Exchange flow statistics from CryptoQuant reveal similar trends indicating evolving market behavior.
The latest weekly report from CryptoQuant highlights how Bitcoin inflows into exchanges spiked up to about 60,000 BTC daily during early February’s dip toward $60K but have since declined significantly—to nearly 23,000 BTC on a seven-day average basis—suggesting immediate sell-offs have diminished considerably.
However,the profile of sellers appears different now: CryptoQuant’s “exchange whale ratio” climbed sharply to approximately 0.64—the highest since records began in2015—which means nearly two-thirds of Bitcoins deposited onto exchanges come from just ten largest transactions each day.
This implies large holders or “whales” dominate current exchange supply flows rather than smaller retail traders.The average size per deposit also rose back up close tomid-2022 levels,reinforcing the notionthat major players drive today’s exchange activity more so than individual investors do.
The altcoin sector is witnessing increased distribution pressure as well.CryptoQuant reports show average daily altcoin deposits onto exchanges reached roughly49 ,000 tokens so far this year,risingfromaround40 ,000 inthe final quarterof2025.Historically,this heightened deposit volume correlateswithgreater volatilityand reduced risk appetite among traders .
Liquidity reservesare tightening too .Net inflowsof USDT stablecoinsintoexchangeshave shrunk dramatically—froma peakof616 million USDin November down toa mere27 millionUSD,and briefly dippednegativeat endJanuary.AccordingtoCryptoQuant,thisstablecoin contractionusuallyoccurswhenrallies fade,suggestinglower buyingpowerinthemarket .
Whenconsidered together ,theloss realization figuresfromGlassnodeandexchange metricsfromCryptoQuantsketchamarketstillabsorbingcapitulation shocksbutnotyetseeing robust demand resurgence .
Asthisweek unfolds,thecriticalquestion remainswhetherBitcoin canmaintain supportaround65 ,000USDasapivotal levelorcontinue languishingina prolonged consolidationphasebeforeanysignificantuptrendemerges .