Analysis: Bitcoin has plummeted by $5,000 in just a few days, with three signals indicating that selling pressure may further intensify
According to CoinDesk, Bitcoin has fallen from $82,000 to $76,800, a decline of about 6%, but market data suggests this drop may be an unconventional correction. Three signals behind this round of decline indicate market concerns about further price drops. First, ETF fund outflows are accelerating: since May 7, over $1.5 billion has flowed out of U.S. spot Bitcoin ETFs, with $648 million flowing out in a single day on Monday, the highest since January 29.
Secondly, aggressive selling has appeared in both the spot and futures markets: Glassnode data shows that the cumulative trading volume difference in the spot market has dropped from $16,900,000 to negative $126,200,000, while the cumulative trading volume difference in perpetual contracts has fallen to negative $368,500,000, indicating that sellers are actively selling in both the spot and futures markets. Additionally, hedging demand is heating up: Glassnode analysts state that the options 25-Delta skew has risen from 10.9% to 14.4%, indicating that options market participants believe the downside risk is increasing.
Vikram Subburaj, CEO of the Indian exchange Giottus, stated that the first support level is around $76,000, followed by the $74,000-$75,000 range. If this area is breached, it could trigger a deeper correction.
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