Bitcoin’s decline below the $73,000 level indicated a short-term change in direction in the market. In recent days, many different on-chain data and exchange movements have shown an increase in selling pressure. These indicators, which are closely followed by professionals trading in the cryptocurrency market, signal a short-term correction.
Factors behind selling pressure
Market analyst KriptoOnChain linked the decline in Bitcoin price to $72,500 with the decrease in demand in the spot market and the unsustainable increase of long positions in derivative markets. The -1.083% premium difference on the Coinbase exchange showed that US-based investors were selling Bitcoin at a lower price than on overseas exchanges. Coinbase premium difference decreased to -$94.95, and this level was recorded as the steepest price discount in the last year.
In parallel, an intense BTC outflow was observed on the Binance exchange. Over the past week, exchange net flows have increased to an average of 1,496 BTC; This represents an increase of 528 percent compared to the previous three-month average.
“US-based investors sold BTC at lower prices than overseas. Similar gap levels have been seen in major sell-off waves in the past.”
Mini dictionary: Coinbase premium is a data showing the difference between the BTC price on the US-based crypto exchange Coinbase and the price on international exchanges. A negative value indicates selling pressure in the US.
Futures and wallet movements
In the derivatives market, funding rates for futures on Binance rose 781 percent higher than the three-month average, just before the value of Bitcoin fell below $75,000. This revealed that overleveraged positions accumulated and led to price instability. On the same day, a $935 million crypto position was forced to be closed, while the total market value decreased by $41 billion.
| Exchange | Spot Volume (last month, $billion) | Term Funding Rate Increase (%) | BTC Net Flow (last 7 days, BTC) |
|---|---|---|---|
| Binance | 36.4 | 781 | +1,496 |
| coinbase | – | -1.083 (premium difference) | -94.95 (premium difference, $) |
According to on-chain data, a total of 648,000 BTC outflowed from wallets with balances between 100 and 10,000 BTC. This figure was last recorded at the beginning of February, when over 1 million wallet outflows were seen.
Signals from long-term holders
However, this decline differs from the sales in October 2025 and February 2026 in some aspects. During the last correction wave, long-term investors were not actively selling. Former Bitcoin holders did not move large amounts of BTC even though the price fell below $75,000. Currently, long-term holders hold 84.3 percent of the circulating Bitcoin supply. This data was previously observed when Bitcoin was traded in the $ 105,000-126,000 range.
During the same period, spot transaction volume also decreased. Binance spot volumes dropped to $36.4 billion. In October 2025, this volume was 198.6 billion dollars, meaning a decrease of 81 percent. Additionally, monthly BTC spot volume, which was at $84 billion in February, decreased by $50 billion in the last three months.
Low spot volumes slow down the entry of new selling pressure into the market. These types of conditions were also seen during the 2023 bear market breakout; After the volume weakened, the rise started again.
Realized losses and market psychology
In recent days, loss-making sales in Bitcoin have also decreased. On the 30-day average, total losses incurred fell to $12.85 million on May 26. In February, this amount was 56 million dollars. This data shows that investors are not panic selling at current price levels in the market and are willing to accept less losses.
The general atmosphere of the market indicates that current prices are seen as an opportunity for some investors. Despite increasing selling pressure, most long-term wallet holders continue to hold on to their assets.
