CEO CryptoQuant: The Main Selling Pressure Now Comes From Short-Term Bitcoin Holders
The CEO of CryptoQuant has shared several charts on Bitcoin’s realized price distribution and noted that the primary source of current selling pressure is short-term Bitcoin holders, while miners and long-term holders remain relatively restrained.
Glassnode also released its weekly market analysis. The report highlights that Bitcoin has fallen below the short-term holders’ (STH) cost basis and about -1 STD, putting pressure on investors who bought recently. The 95K–97K USD range has now become a key resistance zone; reclaiming this area would mark the first steps toward a recovery in market structure.
On the other hand, spot demand remains weak. Net inflows into U.S. spot Bitcoin ETFs are significantly negative, and TradFi allocators have not increased their buy orders. Speculative leverage continues to decrease, reflected in the decline of open interest across the top 500 futures assets and funding rates falling to cycle lows.
The options market has repriced substantial risk: implied volatility is rising across all maturities, while skew remains very low as traders pay high premiums for downside protection. This deeper downturn continues the mild bear-market trend noted last week and raises doubts about whether structural support can re-emerge.
Altogether, these factors paint a picture of a market searching for stability, with future direction depending on whether demand can return near key cost-basis levels — or whether the current fragility will evolve into a deeper correction or a full bear market
