Bitcoin’s recent slip below the $73,000 mark has signaled a short-term shift in market direction, with numerous on-chain indicators and exchange activity pointing to a rise in selling pressure. Market professionals closely following these dynamics suggest that the cryptocurrency is undergoing a brief correction phase, reflected both on-chain and in trading volumes.
Factors behind increased selling pressure
Market analyst KriptoOnChain has linked Bitcoin’s decline toward $72,500 to weakening spot market demand and an unsustainable surge in long positions across derivatives platforms. A -1.083% premium gap on Coinbase indicated that US-based investors were selling Bitcoin at prices lower than those on overseas exchanges. The Coinbase premium dropped to -$94.95, marking the steepest discount recorded in the past year.
At the same time, Binance saw significant Bitcoin outflows, with a net exchange flow averaging 1,496 BTC in the last week. This represents a 528% increase compared to the previous three-month average, highlighting intensified market movement.
KriptoOnChain emphasized that US-based investors liquidated BTC at lower levels than those seen abroad, and that such price gaps have previously emerged during major sell-off waves.
Glossary: The Coinbase premium measures the price difference of BTC between US-based Coinbase and international exchanges. Negative values signal mounting selling pressure in the US market.
Futures markets and wallet flows
In the derivatives market, Binance’s funding rates for futures soared to 781% above the three-month average just before Bitcoin’s value dipped below $75,000. This spike indicated a buildup of excessive leveraged positions, leading to market imbalances. That same day, forced liquidations amounted to $935 million across crypto positions, and the total market capitalization shrank by $41 billion.
| Exchange | Spot Volume (last month, billion $) | Futures Funding Rate Change (%) | BTC Net Flow (last 7 days, BTC) |
|---|---|---|---|
| Binance | 36.4 | 781 | +1,496 |
| Coinbase | – | -1.083 (premium gap) | -94.95 (premium gap, $) |
On-chain data shows that wallets holding between 100 and 10,000 BTC experienced total outflows of 648,000 BTC. A similar level of outflow was last recorded in early February when wallet exits topped 1 million BTC.
Signals from long-term holders
However, this recent downward move differs in key ways from the sharp sell-offs of October 2025 and February 2026. This time, long-term investors have not been active sellers during the correction. Despite Bitcoin falling below $75,000, veteran holders have largely kept their coins unmoved. Currently, long-term holders account for 84.3% of the total circulating Bitcoin supply, a level previously seen when Bitcoin traded between $105,000 and $126,000.
Spot trading volumes are also in retreat. Binance’s spot volume has dropped to $36.4 billion, down 81% from the $198.6 billion recorded in October 2025. Furthermore, the monthly BTC spot volume, which stood at $84 billion in February, has lost $50 billion over the past three months.
Lower spot trading volumes have slowed the entry of new selling pressure into the market. This mirrors patterns observed during the 2023 bear market recovery, when a dip in volumes was followed by another upward trend.
Realized losses and market sentiment
In recent days, realized losses on Bitcoin sales have declined. Over a 30-day average, total losses dropped to $12.85 million on May 26, compared to $56 million in February. This suggests that investors are not panicking at current price levels, and are willing to accept less loss than before.
Overall, the prevailing mood in the market hints that some investors see the current price range as a buying opportunity. Despite increased selling pressure, most long-term holders continue to hold onto their assets.
