For the past few days, the price of Bitcoin has been hovering between the $70,000 and $64,000 range, with no definite trajectory within the period. Despite the lack of direction in price, selling activity has continued across the market, effectively putting robust pressure on the leading cryptocurrency asset.
Persistent Selling Activity Weighs on Bitcoin
While the Bitcoin price is moving sideways, investors are steadily reacting negatively to the performance. During the period of indecision, selling pressure is persistently building underneath the surface, suggesting growing uncertainty among investors.
According to the report from CryptoQuant, a leading on-chain data analytics platform, the selling pressure is being driven by major BTC players rather than retail holders. The constant distribution from key market players raises the possibility that underlying sentiment is more brittle than it seems.
CryptoQuant’s report began with the Bitcoin Spot Demand, which remains in deep contraction despite accelerating Exchange-Traded Fund (ETF) and Strategy purchases. After examining the 30-day apparent demand, the platform highlighted that the chart is showing a positioning at -63,000 BTC, indicating that broader market selling pressure is still outweighing institutional accumulation.
At the same time, large Bitcoin investors or whales holding between 1,000 BTC and 10,000 BTC have turned net distributors. This wave of selling is indicated on the 1-year change in whale holdings, which has declined from +200,000 BTC to -188,000 BTC today.
Currently, this is one of the most aggressive large-holder distribution cycles on record, spanning between the 2024 bull market peak and March 2026. As selling activity reaches this level, the trend is likely to influence the asset’s price, potentially causing a more decisive move lower.
The selling pressure from large holders has been accompanied by fading accumulations from mid-tier holders and dolphin investors. Bitcoin mid-tier players holding between 100 BTC and 1,000 BTC are accumulating at a declining pace since November 2025.
During this period, dolphins have been the net accumulators on a 1-year basis. However, their holdings growth has collapsed from 1 million BTC in October 2025 to 429,000 BTC today, signaling that buying support from this group is fading quickly.
BTC Demand Is Dying In The US Markets
CryptoQuant has also covered the demand for BTC in the United States. On the US market, demand for the asset has weakened, with Coinbase Premium persistently trending in negative territory. Despite Bitcoin prices declining to the $65,000-$70,000 range, investors in the US have not re-entered the market at scale, a behavior that is consistent with the broader demand contraction observed across on-chain metrics.
Bitcoin may be seeing fading demand and continued sell-side activity, but CryptoQuant claims that a short-term price bounce toward the $71,500 to $81,200 is still likely if macroeconomic risks ease. These levels align with the Lower Band and Trader On-Chain Realized Price, respectively, which are important bear market resistance zones that might be put to the test if the US-Iran dispute lessens.
Featured image from Pixabay, chart from Tradingview.com
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