23,300 BTC Moved to Exchanges at Loss as Bitcoin Drops Below $64,000

Bitcoin fell sharply early Saturday session, dropping to a low of $63,019 as traders considered macro concerns. Over $514 million in crypto positions have been liquidated in the last 24 hours, according to CoinGlass data, with Bitcoin accounting for $193 million.

Bitcoin extended an earlier drop on Friday after a report showed U.S. producer prices rose more than expected, suggesting that inflationary pressures remain. February is ending with losses for Bitcoin (currently down 19%), with this economic data reinforcing bets that the Federal Reserve might remain on hold for the time being.

For Bitcoin, the losses extend a months-long sell-off in crypto markets, beginning with the liquidation of some $19 billion in leveraged positions in October, just days after Bitcoin rose to an all-time high above $126,000.

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Bitcoin surged to a record high of $126,198 in October 2025. A sharp sell-off followed, leaving digital assets under pressure and investors increasingly cautious. Any sustained rebound would offer relief after cryptocurrencies were hit by a sell-off late last year.

23,300 BTC sent to exchanges at loss

Bitcoin extended its sell-off, falling below $64,000 with short-term holders sending 23,300 BTC to exchanges at a loss in the last 24 hours.

The Crypto Fear and Greed Index remains in extreme fear at 14. Over 9 million Bitcoin, about 45% of all tokens in circulation, is currently worth less than what its holders paid for it, according to on-chain data. This explains why holders sell into any bounce, limiting upward momentum.

Of the first 22 days in February, 19 saw net losses, meaning more holders sold below what they paid than above it, locking in pain, day after day.

In this context, as Bitcoin saw another bout of selling over the weekend, holders sent their coins to exchanges not to profit but rather at a loss. Moving to exchanges depicts selling, while withdrawals might indicate buying.

According to Maartunn, a community analyst at CryptoQuant, short-term holders continue to sell. Maartunn reported that in the last 24 hours, 23,300 BTC were moved to exchanges at a loss.