Bitcoin has dropped 11% over the past 14 days, extending a broader monthly decline to 3.45% as selling pressure mounts across derivatives markets, US spot exchanges, and institutional investment vehicles.
The decline follows multiple rejections at the $82,000 price zone in mid-May, which triggered sustained downward momentum. Market analyst Maartunn reported on May 29 that “Bitcoin’s price has now dropped by 11% over the last 14 days,” marking one of the sharper pullbacks in recent weeks.
Selling pressure in derivatives reached its highest level since March, according to CryptoQuant data. Net taker volume in the derivatives market hit negative $948 million, with an average hourly excess of $40 million in sellers over buyers. This represents aggressive liquidation activity typical of exhaustion phases in market cycles.
US-based spot traders are also offloading holdings. Coinbase trades at a 0.21% discount versus Binance, signaling stronger selling pressure among American investors relative to offshore markets. The premium differential typically reflects regional demand imbalances and risk appetite.
Institutional outflows have accelerated. Approximately $1 billion was withdrawn from iShares Bitcoin Trust in the past week alone, indicating reduced conviction among large holders. These redemptions coincide with the broader downtrend and suggest institutional investors are repositioning away from spot exposure.
On-chain metrics suggest selling may be approaching exhaustion. The Stablecoin Supply Ratio, which measures stablecoin liquidity relative to Bitcoin’s market value, is rising. This indicator historically precedes shifts in market structure, though the mechanism remains unclear.
Bitcoin traded at $73,512 on the daily chart at press time, down 3.32% over the past week. The current cycle sits 768 days post-halving. Historical precedent offers limited guidance: Bitcoin’s cycle lows formed around 889 days post-halving in 2016 and 925 days in the 2020 cycle, suggesting the current drawdown may not yet mark a structural bottom.
The convergence of derivative liquidations, spot selling, and institutional redemptions points to broad-based weakness rather than isolated sector rotation. Whether the rally from April can be sustained depends on whether net taker volume stabilizes and whether stablecoin accumulation translates into renewed demand.
