Bitcoin Price Slumps Amid Whale Selling and US Trade Policy Uncertainty

Bitcoin's price has taken a hit, falling below $65k due to the actions of large holders and uncertainty over US trade policy.

The cryptocurrency's value dropped 4% in Asian trading on Monday, with other major tokens also experiencing significant losses. This decline is largely attributed to the increased selling activity from 'whale' sellers, who are entities holding substantial amounts of Bitcoin.

On-chain data from CryptoQuant indicates that these large private wallets have been transferring their holdings onto mainstream exchanges, which typically precedes a sale. The readily available supply of Bitcoin has consequently increased, putting further pressure on the market.