Bitcoin slipped back under $70,000 after roughly a 5% drop over two days, returning to the month’s trading range. Several market signals — on-chain outflows, futures metrics and weakening spot volumes — point to renewed selling pressure that capped this week’s rally.
Short-term holders realized profits
Short-term holders accelerated profit-taking during the climb above $74,000. Analyst Darkfrost reported that more than 27,000 BTC in realized gains moved from short-term holder wallets to exchanges within 24 hours — one of the largest transfers of this kind since November 2025. These sellers mainly converted gains accrued between one week and one month earlier, with a realized price around $68,000.
Futures and spot flow turned negative
Order flow in both spot and perpetual futures tracked similar selling behavior. Market analyst IT Tech noted that the cumulative volume delta (CVD), a buy-volume minus sell-volume measure, flipped negative across markets: spot CVD reached –$202.49 million and perpetual futures CVD fell to –$185.60 million. Those readings coincided with Bitcoin’s slide beneath $70,000 as bid-side liquidity thinned.
U.S. spot demand and the Coinbase premium
Spot demand from U.S. traders faded at key inflection points. The Coinbase Premium Index, which measures the price difference between Coinbase and offshore venues, briefly rose above 0.08 during the push toward $73,000–$74,000, signaling outsized Coinbase buying. The premium then dissipated and later turned negative, indicating weaker U.S. spot demand into the pullback.
Macro and session dynamics
Michaël van de Poppe observed that recent Friday U.S. sessions have produced broad selling across risk assets, including the Nasdaq. He suggested that holding the $67,000–$68,000 zone could stabilize Bitcoin’s short-term structure before any renewed advance.
Liquidity zones and fair value gaps
Trader Titan highlighted a nearby fair value gap (FVG) that may act as support during consolidation. FVGs are low-liquidity zones left behind by swift price moves; markets often revisit them to rebalance liquidity. The lower boundary of this gap sits near $66,500, which Titan views as a deeper liquidity area to monitor if selling persists.
What to watch next
Near-term pressure appears driven by realized profits and diminished bid-side interest. Key levels to watch are the $67,000–$68,000 area for initial stabilization and the $66,500 FVG boundary as a deeper support. CVD, exchange flows and the Coinbase premium remain useful indicators for gauging buyer appetite and potential further downside or a re-accumulation phase.
Disclaimer
This article is for informational purposes and does not constitute investment advice or recommendations. Trading and investing involve risk; readers should conduct their own research and consider their circumstances before making decisions. While efforts are made to provide accurate and timely information, no guarantee is given as to accuracy, completeness or reliability, and neither the author nor the publisher accepts liability for losses arising from reliance on this content.