Bitcoin rebound fades as software and private-equity rout drags crypto lower

first published 2026-02-23T01:49:11Z

Bitcoin slid about 4.4% to roughly $65,000. On-chain data show short-term holder realized losses eased from −$1.24B/day (Feb. 6) to −$0.48B/day but remain negative, exchange inflows spiked to ~60,000 BTC/day in early February then smoothed to ~23,000 BTC/day, and the exchange whale ratio rose to 0.64 (highest since 2015). Average deposit sizes and altcoin deposits have increased while net USDT inflows to exchanges fell from $616M (Nov) to ~$27M, indicating thinner liquidity and a fragile base with $65,000 as the near-term pivot.

AI Analysis

Price fell ~4.4% to ~$65k; short-term holder realized losses remain negative (−$0.48B/day); exchange inflows spiked then cooled (~60k → ~23k BTC/day smoothed); exchange whale ratio reached 0.64 (top 10 deposits ≈ two‑thirds of BTC sent to exchanges); average deposit sizes and altcoin deposits rose while net USDT inflows to exchanges compressed from $616M to ~$27M — together signaling increased whale selling concentration and thinner marginal buying power around $65k.

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