Bitcoin plunged below $65,000 in Asian trading Monday, marking its lowest level since early February as large holders increased selling activity. The cryptocurrency fell 4.6% to $64,882.1 after dipping as low as $64,384.2 in the past 24 hours, according to data from Investing.com.

On-chain data from CryptoQuant revealed a spike in so-called whale activity, with the exchange whale ratio climbing as major holders moved coins onto trading platforms. Whale sellers - entities holding large amounts of Bitcoin, often early adopters, institutional investors or crypto funds - can exert outsized influence on short-term price action when they transfer holdings to exchanges. The selling pressure intensified amid broader risk-off sentiment following developments in U.S. trade policy.

Sentiment was further dented by President Trump's tariff announcements, with the U.S. Supreme Court striking down elements of his earlier tariff program before he implemented a new 10% global tariff on imports for 150 days, later raised to 15%. The tariff escalation weighed on equities and other risk-sensitive assets, with investors concerned that higher trade barriers could slow global growth and dampen liquidity conditions - factors that typically pressure cryptocurrencies.