Bitcoin Slides into Repair Mode Amid Whale Selling and ETF Outflows

Bitcoin's price has declined significantly over the past few days, with a nearly 5% drop in a couple of hours on Sunday evening. The cryptocurrency has been trading around $65,800–$66,100, but is now under pressure as major holders are selling their coins to exchanges. This distribution pattern suggests that the market is no longer in euphoria mode.

The recent decline has wiped out more than 5% of Bitcoin's value and has taken it below the $70,000 zone, which was previously seen as a key support level. The cryptocurrency has also fallen below its 100-week moving average and is now trading at levels not seen since last year. This has led to increased selling pressure from major holders.

On-chain data shows that large BTC-USD holders are driving the market's direction, with the exchange whale ratio reaching a high of 0.64. The mix of high whale share and elevated absolute inflow is indicative of distribution, as major holders send coins to exchanges to offload into weakness.