Bitcoin Price Drops 5% as Whale Activity Rises and Crypto Market Volatility Intensifies

Bitcoin (BTC) fell sharply at the start of the week, dropping 5% in the past 24 hours to trade near $64,700 after hovering above $67,000 over the weekend. The decline in the bitcoin price comes as U.S. stock index futures also weaken, with Nasdaq 100 futures down 0.9%. Meanwhile, safe-haven assets are surging, as gold climbs 2% and silver jumps 5.6%, signaling a broader shift in risk sentiment across financial markets.

On-chain data from Glassnode suggests that the worst of the recent panic selling may have passed, but the crypto market remains under pressure. Earlier this month, short-term bitcoin holders were realizing losses of up to $1.24 billion per day on a seven-day smoothed basis. That figure has improved to approximately $480 million in daily losses, indicating that while forced selling has slowed, many recent buyers are still exiting positions at a loss. This pattern is commonly seen during bottom-building phases rather than strong bullish trends.

CryptoQuant exchange data reinforces this cautious outlook. Bitcoin inflows to exchanges spiked to nearly 60,000 BTC per day during the early February drop toward $60,000 but have since cooled to around 23,000 BTC. However, the exchange whale ratio has surged to 0.64, the highest level since 2015, meaning large holders account for most exchange deposits. The average bitcoin deposit size has also climbed to levels last seen in mid-2022, highlighting increased whale activity.

Altcoins are also experiencing elevated exchange inflows, averaging 49,000 deposits daily in 2026 compared to 40,000 in late 2025, historically linked to higher volatility. At the same time, USDT stablecoin inflows have dropped sharply from $616 million in November to just $27 million, suggesting reduced buying power.

With liquidity thinning and large investors dominating flows, the key question remains whether the $65,000 level can hold or if bitcoin enters a prolonged consolidation phase.