Bitcoin price news: BTC plunges to begin week, pulling back to $64,700

CoinDesk

by Sam Reynolds

February 23, 2026

AI-Generated Deep Dive Summary

Bitcoin prices dropped sharply at the start of the week, falling 5% to below $64,700 as large holders increased their selling activity and short-term investors locked in losses. On-chain data from Glassnode and CryptoQuant reveals that recent buyers are facing heavy losses, with daily net realized profit and loss figures showing significant red ink. While panic selling has slowed since its peak earlier this month, the broader market remains under pressure, signaling a fragile base-building phase rather than a strong uptrend. The data highlights a shift in market dynamics: while exchange inflows have decreased from their highs during the February price crash, large holders—often referred to as "whales"—are dominating the flow of Bitcoin onto exchanges. CryptoQuant's "exchange whale ratio" has surged to 0.64, its highest level since 2015, indicating that nearly two-thirds of all Bitcoin sent to exchanges is coming from the top 10 largest deposits. This suggests that institutional players are driving much of the current activity, rather than retail traders. Meanwhile, altcoin exchange inflows have increased, reaching approximately 49,000 daily average so far this year, up from around 40,000 in Q4 2025. Elevated activity across alternative tokens historically correlates with higher market volatility and weaker risk appetite, further signaling a cautious environment. Additionally, liquidity buffers appear to be thinning, as net USDT inflows to exchanges have dropped sharply—from $616 million in November to just $27 million—and briefly turned negative in late January. The combined insights from Glassnode and CryptoQuant paint a picture of a

Verticals

cryptofinance

Originally published on CoinDesk on 2/23/2026