Bitcoin continues to experience strong downward pressure as selling activity accelerates across multiple wallet cohorts. On-chain data shows that the current decline is not driven solely by retail capitulation but by a distribution process coming from structurally significant holders.
Recent Accumulation vs. Distribution metrics reveal that wallets holding between 10 and 100 BTC, between 100 and 1,000 BTC, as well as large Humpback Whales holding more than 10,000 BTC, are actively reducing their balances. Historically, synchronized selling among these cohorts has been associated with periods of high instability and intense bearish directional movements in the market.
This distribution is particularly relevant because these groups represent participants with significant liquidity influence. When these entities transition from accumulation phases to distribution phases, the spot market often struggles to absorb incoming supply, leading to accelerated price declines.
Derivatives data further reinforces this bearish structure. The Cumulative Volume Delta (CVD) in futures markets remains persistently negative, indicating a dominance of aggressive sell orders. This suggests that short position openings and long liquidations are amplifying downward momentum
From a market structure perspective, this dual pressure coming from both spot distribution and derivatives is weakening key technical support levels. As buying liquidity decreases, Bitcoin becomes increasingly vulnerable to sharp price dislocations
The recent drop toward the $66,000 region reflects an environment where supply dominance is clearly prevailing. Historically, similar phases have only stabilized once clear accumulation signals reappear across major cohorts and derivatives aggression begins to neutralize
Monitoring whale behavior, cohort accumulation trends, and derivatives flow dynamics will be essential to identifying potential early signs of market stabilization
by Carmelo Alemán, On Chain Analyst
Written by Carmelo_Alemán