Bitcoin threatens the $65,000 level as whale selling grows and demand recovery lags

As Bitcoin (BTC) comes under pressure around the $65,000 level, selling pressure persists as the share of exchange inflows from large holders (whales) increases and net stablecoin inflows plunge, while clear signs of a demand rebound have yet to emerge.

According to CoinDesk on the 22nd (local time), Bitcoin slid sharply early in the week and is trading around $64,700, down about 5% over the past 24 hours. U.S. equity index futures are also weaker, while safe-haven sentiment is strengthening as precious metals such as gold and silver rise more than 2% and 5%, respectively. Citing on-chain data from Glassnode and CryptoQuant, the outlet said that "the fear phase has eased somewhat, but the overall market structure remains under pressure."

According to Glassnode, the seven-day moving average of short-term holders’ realized profit/loss deteriorated to –$1.24 billion per day early this month, before easing recently to around –$480 million. Panic-driven stop-loss selling has slowed, but it still implies continued loss-realization selling. This is a pattern more commonly seen in a basing phase than in a strong uptrend.

Exchange inflow data is sending a similar signal. Exchange inflows, which surged to as high as 60,000 BTC per day during the pullback around $60,000 in early February, have now fallen to about 23,000 BTC on a seven-day average basis. While the acute wave of selling has subsided, the composition of inflows has changed.

The 'exchange whale ratio' rose to 0.64, the highest since 2015. This means that roughly two-thirds of Bitcoin flowing into exchanges is coming from the top 10 deposits. The average deposit size has also expanded back to mid-2022 levels, indicating that the current sellers are large holders rather than retail investors.

Altcoins are also broadly in a distribution phase. In 2026, the daily average number of altcoin exchange deposits rose to about 49,000 transactions, up from the fourth quarter of last year. By contrast, net inflows of Tether (USDT) plunged from $616 million in November to around $27 million recently, and in some periods turned into net outflows. This suggests that the capacity for fresh capital inflows has weakened.

Overall, the market has entered a phase of absorbing the shock following large-scale liquidations. However, the selling base is being reshaped around whales, while new liquidity inflows remain limited. In the near term, whether $65,000 serves as support or the market continues to build a longer-term base within a range is expected to be a key inflection point for the path ahead.