Analysis: Bitcoin Plummets $5,000 in a Few Days, Three Signals Point to Further Selling Pressure

Bitcoin fell from $82,000 to $76,800, a drop of about 6%, but market data suggests this decline may be an unconventional pullback. Three signals behind this drop indicate market concerns about further deep declines in price. First, ETF outflows accelerated: Since May 7, U.S. spot Bitcoin ETFs have seen outflows of over $1.5 billion, with a single-day outflow of $648 million on Monday, reaching a new high since January 29. Second, aggressive selling occurred in spot and futures markets: Glassnode data shows that the spot cumulative volume difference fell from $16.9 million to negative $126.2 million, and the perpetual futures cumulative volume difference fell to negative $368.5 million, indicating active selling by sellers in both spot and futures markets. In addition, hedging demand increased: Glassnode analysts stated that the option 25-Delta skew rose from 10.9% to 14.4%, indicating that participants in the options market believe downside risk has increased. Vikram Subburaj, CEO of Indian exchange Giottus, stated that the first support level is around $76,000, followed by the $74,000-$75,000 range, and a break below this area could trigger a deeper pullback.