Bitcoin wiped out its weekend gains, plummeting from a high of $68,600 to a low of $64,161. The reversal was fueled by macroeconomic instability following U.S. President Trump’s announcement of a 15% blanket tariff on imports.
The Sunday Slump
Bitcoin’s weekend rally hit a brick wall Monday, Feb. 23, as the top cryptocurrency completely pared its gains, tumbling to under $64,200. The reversal came as global markets recoiled from a double hit of volatility: a U.S. Supreme Court ruling on tariffs followed immediately by President Donald Trump’s aggressive vow to impose a 15% blanket tariff on imports.
Just 48 hours prior, sentiment seemed buoyant, with bitcoin tapping over $68,600 as investors cheered the Supreme Court’s decision. However, that optimism was short-lived. The mood soured late Sunday after Trump lashed out at the judiciary over its Feb. 20 ruling and vowed to impose fresh tariffs, sparking a transatlantic diplomatic spat.
While the decline began as a slow bleed, the floor fell out around 7 p.m. EST on Feb. 22. In a brutal two-hour window, bitcoin shed over $3,000 in value, bottoming out at a session low of $64,258. By midday Monday (12:55 p.m. EST), the price languished at $64,161. Even Strategy’s disclosure of a $39.8 million bitcoin acquisition—usually a catalyst for a bounce—acted as little more than a speed bump for the bears.
The current downward pressure is bolstered by a growing exit trend among institutional players. Spot bitcoin exchange-traded funds (ETFs) recently recorded their fifth consecutive week of net outflows, with investors pulling $316 million last week alone. That brings the five-week cumulative withdrawal total to a staggering $3.8 billion. Adding to the unease, on-chain monitors flagged Blackrock moving more than 1,100 $BTC to Coinbase, a move often interpreted as a precursor to large-scale sell-offs or client redemptions.
Perhaps the most ominous catalyst is the reported offloading of 11,300 $BTC by a Satoshi-era whale. While not yet officially verified, this massive movement of the coins coincided with a spike in sell orders during Asian and European trading hours.
Meanwhile, as bitcoin seesawed toward its daily low, $39.5 million in long bets were vaporized in a four-hour window. The cryptocurrency also saw approximately $238 million in 24-hour long liquidations, while the broader crypto economy saw more than $590 million in total leveraged positions wiped out in just one day.
FAQ ❓
- Why did bitcoin drop? Fresh U.S. tariff threats from President Trump rattled global markets.
- How steep was the fall? Prices plunged over $3,000 in two hours, sinking below $64,200.
- What role did institutions play? Spot ETFs saw $316M in weekly outflows, with $3.8B pulled in five weeks.
- Were whales involved? A reported 11,300 $BTC offload by a Satoshi‑era wallet fueled sell pressure.
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