Bitcoin (COIN:BTCUSD) slipped below the $65,000 mark during Asian trading on Monday, extending recent losses as large investors continued to offload holdings while uncertainty surrounding U.S. trade policy further reduced appetite for risk assets.
The world’s largest cryptocurrency fell 4% to $65,296.8 as of 06:30 GMT, after touching a 24-hour low of $64,384.2. Prices moved closer to levels seen in early February, when Bitcoin briefly traded below $60,000.
Broader cryptocurrency markets also weakened, with Ether facing renewed pressure after reports that founder Vitalik Buterin had reduced part of his position.
Whale activity adds selling pressure
On-chain figures from CryptoQuant showed increased transfers of Bitcoin from large private wallets — commonly known as “whales” — to major crypto exchanges, a trend often interpreted as a precursor to selling.
Whales, which typically include early adopters, institutional investors and crypto-focused funds holding significant balances, can have an outsized effect on short-term price movements when funds are moved onto trading platforms.
Such transfers usually signal potential liquidation and can weigh on prices by increasing immediately tradable supply. At the same time, buying demand appeared muted across exchanges, suggesting investor sentiment remains fragile following sharp declines earlier in the year.
Market caution intensified after renewed turbulence in U.S. trade policy. Last week, the U.S. Supreme Court invalidated much of President Donald Trump’s tariff program, ruling that he exceeded his authority when imposing duties on key trading partners.
Trump later announced a temporary global tariff of 10% for 150 days before raising the rate to 15%, the maximum permitted under the statute — a move that unsettled financial markets.
The escalation pressured equities and other risk-sensitive assets across Asian markets, as investors worried that rising trade barriers could slow global economic activity and tighten liquidity conditions, both typically negative for cryptocurrencies.
Altcoins decline as Ether faces renewed selling
Other major tokens also traded lower, with Ether under particular pressure following reports of additional sales linked to Buterin.
Ether dropped nearly 5% to $1,878.63, approaching early-February lows. Over the weekend, Buterin was reported to have sold at least 1,694 Ether worth about $3.3 million. While relatively small compared with his total holdings, the transaction fueled concerns about further whale-driven selling in the market.
Among other altcoins, XRP, Solana, Cardano and BNB declined between 3% and 8%.
In the memecoin segment, Dogecoin fell 2.9%, while $TRUMP dropped 3.4%.
Economic data reinforces cautious outlook
U.S. economic data released Friday added to the cautious tone. Gross domestic product expanded at an annualized rate of 1.4% in the fourth quarter, highlighting slowing growth momentum, while the personal consumption expenditures price index remained elevated at 2.9% year over year.
Persistent inflation alongside moderating economic growth has complicated expectations for Federal Reserve rate cuts, reducing confidence that monetary easing will arrive in the near term.
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