Over the recent days, Bitcoin’s price has been fluctuating between $70,000 and $64,000, showing no clear direction. Despite this price indecision, selling pressure has remained strong in the market, exerting significant downward pressure on the leading cryptocurrency.
Continuous Selling Pressure Impacting Bitcoin
While Bitcoin’s price remains stagnant, investors are reacting negatively to its performance. The ongoing period of uncertainty has led to a persistent increase in selling pressure, indicating a growing sense of unease among investors.
According to a recent report by CryptoQuant, a prominent on-chain data analytics platform, the selling pressure is primarily driven by major Bitcoin players rather than retail investors. The consistent selling by key market participants suggests that the underlying sentiment may be more fragile than perceived.
CryptoQuant’s report focuses on Bitcoin Spot Demand, which continues to decline despite the increasing purchases of Exchange-Traded Funds (ETFs) and strategies. Analyzing the 30-day apparent demand, the platform notes a positioning at -63,000 BTC, indicating that the broader market’s selling pressure outweighs institutional accumulation.
Simultaneously, large Bitcoin investors, or whales, holding between 1,000 and 10,000 BTC, are now net sellers. The 1-year change in whale holdings has shifted from +200,000 BTC to -188,000 BTC today.
This current large-scale distribution of holdings by major players is one of the most aggressive cycles on record, spanning from the peak of the 2024 bull market to March 2026. As selling activity intensifies, it is likely to influence the price of the asset, potentially leading to a more significant downward movement.
The selling pressure from major holders is accompanied by diminishing accumulations from mid-tier holders and dolphin investors. Mid-tier Bitcoin players holding between 100 and 1,000 BTC have been accumulating at a slower pace since November 2025.
During this period, dolphins have been the net accumulators on a yearly basis. However, their holdings have decreased from 1 million BTC in October 2025 to 429,000 BTC today, indicating a decline in buying support from this group.
Declining BTC Demand in US Markets
CryptoQuant also reports a weakening demand for BTC in the United States. Despite Bitcoin’s price hovering between $65,000 and $70,000, US investors have not significantly re-entered the market, aligning with the overall decline in demand observed in on-chain metrics.
While demand for Bitcoin is diminishing and selling activity continues, CryptoQuant suggests that a short-term price rebound towards $71,500 to $81,200 is still possible if macroeconomic risks ease. These levels correspond to the Lower Band and Trader On-Chain Realized Price, respectively, representing crucial resistance zones that could be tested if tensions between the US and Iran subside.
Image source: Pixabay, chart source: Tradingview.com
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