Key Takeaway:
- Immediate sell pressure moderates, yet broader market backdrop remains uncertain.
- Thin liquidity and capitulation signals suggest any rebound could be fragile.
- Downside risks persist: possible $50,000 retest; $65k-$70k supports remain pivotal.
Signals across spot venues and fund flows suggest Bitcoin’s immediate sell-side pressure is moderating, but the backdrop is not unequivocally bullish. Liquidity remains thin, and several capitulation markers imply any rebound could prove fragile.
Risk managers continue to flag downside scenarios if key ranges fail. Standard Chartered warned prices could still revisit the $50,000 area before stabilizing, underscoring that supports near $65,000–$70,000 remain pivotal if volatility resurges.
As reported by NewsBTC, Bitcoin spot trading activity has fallen to its weakest level of the year while a CryptoQuant indicator points to a cooling of one important pocket of sell pressure. The figures indicate a market transitioning from aggressive distribution toward consolidation as Coinbase-linked selling ebbs.
According to CoinMarketCap Academy, U.S. spot Bitcoin ETFs recorded about $506 million in net inflows, with BlackRock’s iShares Bitcoin Trust (IBIT) leading roughly $297 million. The report notes that renewed primary-market demand can offset exchange selling when redemptions abate, though sustained participation remains a swing factor.
Based on coverage by Cointelegraph, on-chain gauges still lean risk-off: the MVRV Adaptive Z-Score (365-day window) sits deeply negative near −2.66, and the Realized Profit/Loss ratio is trending toward sub-1. These readings are consistent with capitulation conditions, suggesting supply from loss-making holders may persist even as spot pressure eases.
One on-chain analytics provider has characterized the change in straightforward terms before: “selling pressure is retreating,” said Glassnode, an on-chain analytics firm. That perspective aligns with the current mix of lighter spot distribution against still-defensive realized behavior on-chain.
At the time of this writing, Bitcoin traded near $67,752, providing context for these dynamics without implying direction.
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