Bitcoin Slides to $65,000 Amid Weekend Crypto Sell-Off; Solana, XRP, and Dogecoin Down Over 6%
In a sharp weekend sell-off, Bitcoin (BTC) retreated to approximately $65,700, relinquishing most of the gains it achieved earlier in the week when it approached the $70,000 mark. The decline in cryptocurrency prices coincided with weakening risk sentiment in U.S. equity markets, following a mix of strong U.S. producer price inflation data and profit-taking on tech stocks such as Nvidia.
Bitcoin’s Brief Surge Falls Short
Bitcoin’s upward momentum, which lifted it close to the $70,000 level on Wednesday, lasted roughly 48 hours before sellers regained control. By early Saturday Asian trading hours, Bitcoin had slid about 3% in a single day to around $65,735, marking a weekly decline of 2.8%. The mid-week rally now appears to have given back more than half of its gains as broader market sentiment turned cautious going into the weekend.
Altcoins Experience Sharper Decliners
Altcoins suffered an even steeper downturn, erasing recent outperformance driven by strong inflows into U.S. spot Bitcoin ETFs. Solana (SOL) dropped 6.7%, Ethereum (ETH) fell 6.2%, Dogecoin (DOGE) declined 5.1%, and XRP decreased by 4%. These losses pushed the majority of major tokens into negative territory over the week, dampening earlier optimism. Binance Coin (BNB) fared somewhat better, falling just 2.5%.
Market Drivers: Inflation Data and Equity Pullback
Friday’s adverse market moves mirrored weakness in U.S. equities. The S&P 500 closed down 0.4%, Nasdaq 100 slipped 0.3%, and the Dow Jones Industrial Average fell 1.1%. Nvidia shares declined a further 4.2% after initial post-earnings sell-offs earlier in the week. Contributing to risk aversion was hotter-than-expected U.S. producer price index data showing a 0.5% rise, signaling persistent inflationary pressures. This development fueled concerns that the Federal Reserve may delay interest rate cuts.
Adding to investor anxiety, Block Inc.’s announcement of massive layoffs fed fears about job displacement from advancing artificial intelligence technologies, intensifying caution among risk asset holders.
Crypto Market Reaction Amplified
Cryptocurrencies reacted with amplified volatility compared to equities. While the S&P’s decline was modest at 0.4%, Bitcoin lost roughly 3%, and altcoins shed more than 6%. The leverage that supported Wednesday’s mid-week rally unraveled on the way down, exacerbating the market correction.
Despite these downturns, institutional interest remained robust. U.S. spot Bitcoin ETFs recorded inflows of $1.1 billion over three days, positioning them for their best week in months. However, these inflows were insufficient to counteract the macroeconomic headwinds weighing on cryptocurrency prices.
Additional Concerns and Market Signals
Data from CryptoQuant highlighted a significant drop in USDT (Tether) stablecoin reserves on exchanges—from $60 billion to around $51.1 billion in two months. Experts warn that if reserves fall below $50 billion, it could trigger a “massive sell-off” due to reduced liquidity.
Meanwhile, investor skepticism intensified towards Strategy shares, which led large U.S. companies in short interest volume as questions mount about the viability of its debt-funded Bitcoin buying approach. On the Ethereum front, large holders have begun offloading ETH at a loss. Notably, ETHZilla, a major digital asset firm, has discontinued its Ethereum accumulation strategy and is pivoting to focus on tokenized real-world assets.
Outlook: Bitcoin Trapped in $60,000-$70,000 Range
Bitcoin’s price remains confined within its post-February 5 crash range of $60,000 to $70,000. The recent attempt to surpass $70,000 was rebuffed, establishing that level as strong resistance. Heading into March, market participants will closely watch whether support near $60,000 can hold amid ongoing macroeconomic and market uncertainties.
Investors and analysts urge caution, emphasizing that short-term volatility is expected in the evolving cryptocurrency space, especially given the complex interplay between traditional markets and digital assets.
This article is based on reporting by Shaurya Malwa for CoinDesk on February 28, 2026.