Bitcoin’s price has struggled to maintain momentum after failing several times to surpass the $82,000 mark, leading to a sustained downward trend through May. Recent data reveals the cryptocurrency has slipped significantly, with prices falling more than 11% over two weeks, reflecting deeper structural weaknesses in the market.
The decline is driven by aggressive selling across multiple segments, including futures traders who have drastically increased their short positions. According to CryptoQuant, the derivatives market has seen net selling volumes reach their highest levels since March, with sellers outpacing buyers by an estimated $40 million per hour.
Simultaneously, US-based investors appear to be offloading Bitcoin more aggressively than their offshore counterparts, as shown by a negative Coinbase Premium. This means Bitcoin trades at a slight discount on Coinbase compared to Binance, indicating heightened selling pressure within the US spot market.
Institutional demand also weakens, underscored by substantial outflows from major investment vehicles. The iShares Bitcoin Trust alone has experienced withdrawals of approximately $1 billion in recent weeks, signaling diminishing appetite among larger investors and adding further resistance to any upward price movement.
Despite this selling onslaught, some indicators point toward a potential turning point. The Stablecoin Supply Ratio (SSR) is rising, implying more stablecoin liquidity is available relative to Bitcoin’s market cap, which historically precedes renewed buying interest. Furthermore, net taker volume trends suggest that selling pressure may be approaching exhaustion, a condition that has often coincided with local market lows where so-called “smart money” begins accumulating.
These mixed signals highlight a fragile market balance, where bearish sentiment dominates but early signs of recovery emerge. Investors remain watchful as Bitcoin navigates this turbulent phase shaped by large-scale sell-offs across futures, spot, and institutional domains.