Bitcoin's price has fallen 11% over the past 14 days, slipping to $73,309 as of press time — down 3.32% in the last week alone. The sell-off, flagged by market analyst Maartunn on May 29, comes after multiple rejections at the $82,000 zone since mid-May, and data suggests the selling pressure is the most intense since March.
Sellers dominate derivatives
CryptoQuant data shows derivatives market net taker volume hit -$948 million. That means sellers exceeded buyers by roughly $40 million per hour on average — the highest sustained selling pressure in over two months. The metric tracks aggressive market orders, and a negative reading points to bearish momentum that's been building for weeks.
Institutional outflows accelerate
The iShares Bitcoin Trust bled $1 billion in outflows over the past week alone, marking two consecutive weeks of institutional withdrawals. The fund is one of the largest vehicles for U.S. institutional exposure, and the steady pullback suggests big players are paring positions rather than adding.
US investors lead the sell-off
Coinbase is trading at a 0.21% discount relative to Binance, a sign that selling pressure from U.S.-based investors is stronger than the global average. When Coinbase prices lag, it often indicates that American traders are more aggressive on the sell side — and that's been the case for the last several days.
Stablecoin liquidity swells
The Stablecoin Supply Ratio (SSR) is rising, meaning there's more stablecoin liquidity relative to Bitcoin's market value. While that can eventually support a bounce if buyers step in, the immediate effect is that capital is sitting on the sidelines rather than flowing into BTC.
Where we are in the cycle
Historical Bitcoin cycle lows after halving events formed at 889 days (2016) and 925 days (2020). The current cycle sits at 768 days post-halving — still a ways from those previous troughs. That doesn't guarantee further downside, but it puts the current price action in a longer-term context that's worth watching.
The next real test is whether Bitcoin can hold above $70,000. If the selling pressure from derivatives and institutional outflows continues, that level could come into play sooner rather than later.
