Bitcoin Slides Under $64K as 23,300 BTC Moved to Exchanges at a Loss

• 23,300 BTC sent to exchanges at realized losses
• Bitcoin falls below $64K amid extreme fear sentiment
• 45% of circulating Bitcoin now sits below cost basis

Bitcoin has extended its decline, falling below $64,000 after months of sustained weakness. The downturn follows its record high of $126,198 reached in October 2025. Since that peak, selling pressure has gradually intensified across the broader digital asset market. Consequently, investor sentiment has shifted sharply toward caution.

Recent on-chain data highlights growing stress among short-term holders. According to Maartunn, a community analyst at CryptoQuant, 23,300 BTC were transferred to exchanges at a loss within the last 24 hours. Such movements typically signal intent to sell rather than accumulate. Moving Bitcoin to exchanges often precedes liquidation, while withdrawals usually indicate buying activity.

Moreover, market sentiment indicators remain deeply negative. The Crypto Fear and Greed Index currently stands at 14, reflecting extreme fear conditions. Additionally, more than 9 million Bitcoin, representing about 45% of circulating supply, is now valued below holders’ purchase prices. This large share of unrealized losses explains why many investors sell into short-term rebounds, limiting upward momentum.

Also Read: XRP Liquidation Imbalance Deepens as $12.56M Longs Wiped in 24 Hours

Short-Term Holders Lock in Losses as Selling Dominates February

Selling activity has defined much of February’s trading sessions. Of the first 22 days of the month, 19 recorded net realized losses. This pattern means more holders sold below their entry prices than above them. Consequently, losses accumulated consistently across consecutive sessions.

Over the weekend, Bitcoin faced another wave of selling. On-chain metrics confirmed that coins moved to exchanges were transferred at a loss rather than profit. This behavior underscores the pressure facing short-term holders. As price declines persist, more recent buyers find themselves underwater.

Furthermore, sustained exchange inflows during downturns often reinforce bearish momentum. Each transfer increases potential sell-side liquidity on trading platforms. As a result, upward price movements encounter resistance when holders exit positions during brief recoveries.

Overall, current data reflects a market experiencing prolonged stress after its October peak. Continued transfers to exchanges at a loss, combined with extreme fear readings, illustrate the cautious stance adopted by many participants as Bitcoin trades below $64,000.

Also Read: Metaplanet CEO Says Bitcoin Treasury Era Is Spreading Across Japan

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