The pressure of short-term investors in Bitcoin has become evident again. In the last 24 hours, approximately 50 thousand BTC was sent to the exchanges with a loss. In the same period, the total market value of short-term investors decreased to 237.7 billion dollars, the lowest level since October 2, 2024.
Loss pressure deepened for short-term investors
CryptoQuant analyst Amr Taha announced that as of June 26, the market value of short-term investors dropped to $ 237.7 billion. This indicator tracks the market value of assets held by investors who purchased Bitcoin in the last 155 days. The current picture indicates that the market value of this group has fallen below its realized value. This shows that many investors who have made purchases recently are at a loss on paper.
The recent decline in the market value of short-term investors stands out not as confirmation of a bottom, but as a measure of stress in the market.
A similar weakening was also seen during the correction in October 2024. The pullback that occurred at that time later coincided with a significant bottom for Bitcoin. However, the latest data alone does not indicate that a new bottom has formed; It reveals that the pressure on short-term investors is increasing.
The amount of BTC moved to exchanges increased
Stock market flows also indicated that selling pressure was getting stronger. Approximately 50 thousand BTC, which was taken out of the hands of short-term investors, was transferred to the stock exchanges at a loss in the last 24 hours. This level was recorded as the highest loss transfer flow seen since June 4. Binance alone accepted approximately 9,500 BTC. This was the highest inflow seen under the same conditions since June 3.
This move indicates that new investors, who are more sensitive to price declines, are becoming more active on the sell side.
| Indicator | Level | To compare |
|---|---|---|
| BTC going to exchanges with a loss | 50 thousand BTC | highest since June 4 |
| BTC entering Binance | 9 thousand 500 BTC | highest since June 3 |
| Short-term investor market value | $237.7 billion | Lowest since October 2, 2024 |
Long-term investors continued to accumulate supply
On the other hand, a more constructive outlook emerged on the long-term investor side. The amount of Bitcoin entering savings addresses broke a record with 181 thousand BTC on Thursday. The previous peak was at 94,700 BTC recorded in February 2022. These addresses are typically tracked as wallets with limited spending history, and the data suggests that long-term investors are absorbing the supply coming into the market.
Mini dictionary: Savings addresses refer to wallets that generally hold incoming assets and do not spend frequently. In on-chain analysis, increasing entries to these addresses may indicate that the long-term storage trend is strengthening.
The fact that Coinbase Premium Index has remained below zero for 40 days since May 15 shows that demand from professional investors is weak.
Macro data and corporate demand outlook put pressure
Market analyst Darkfost said institutional demand continues to weaken. The fact that Coinbase Premium Index remains in the negative zone for a long time shows that the Bitcoin price in Coinbase is discounted compared to Binance. This indicates that professional investors sold more strongly than individual investors.
Macroeconomic data announced in the USA also supported the cautious atmosphere. Headline PCE inflation came in at 4.1 percent, above expectations of 4.0 percent. Core PCE was 3.4 percent, beating the 3.3 percent forecast. Gross domestic product was above expectations with 2.1 percent. These data limited expectations for loosening monetary policy.
Asset management company Bitwise stated that the US Federal Reserve’s meeting last week accelerated the tighter stance. The institution stated that policymakers reversed the easing trend and increased the 2026 median federal funding rate forecast to 3.8 percent from 3.4 percent in March. Bitwise also noted that outflows from crypto investment products such as spot ETFs are continuing.
Strategy was also in the focus of the market. The company has accumulated 174 thousand 300 BTC through 2026. According to Bitwise data, approximately 96 thousand BTC of these purchases were financed by the issuance of STRC preferred shares and 77 thousand 500 BTC by sales of MSTR common shares. CryptoQuant reported that STRC fell to $82.5 last week, a 17.5 percent discount to its $100 face value, and fell to about $73 in pre-market trading on Friday. The company’s cash reserves have also decreased by 38 percent since the beginning of 2026. Annual dividend liability increased from $300 million to $1.2 billion following a $1.5 billion convertible bond buyback. The dividend cover period also decreased from up to seven years to 14 months.
