{"id":96996,"date":"2026-05-29T23:18:07","date_gmt":"2026-05-29T23:18:07","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=96996"},"modified":"2026-05-29T23:18:07","modified_gmt":"2026-05-29T23:18:07","slug":"bitcoin-pops-above-73000-but-the-tape-screams-selling-pressure-hits-months-high","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=96996","title":{"rendered":"Bitcoin Pops Above $73,000\u2014But The Tape Screams: Selling Pressure Hits Months-High"},"content":{"rendered":"
\n

Bitcoin (BTC) regained the $73,000 level on Friday after earlier dipping to $72,500 earlier in the day for the first time since April. While the rebound may look like a quick recovery on the chart, market analyst J.A. Maartun said the bigger story is what the data shows about selling pressure underneath the surface.\u00a0<\/p>\n

In his view, this decline is not being driven by price alone, but by coordinated risk-off behavior across futures, spot markets, and exchange-traded funds (ETFs).<\/p>\n

Futures Sell Hard, Spot Follows<\/h2>\n

According to Maartun, futures traders have been particularly aggressive. He pointed to selling pressure that has reached its strongest level since March, describing a clear imbalance in derivatives activity.\u00a0<\/p>\n

One of the key measures he cited <\/a>was Net Taker Volume at minus $948 million. He also noted that sellers were outpacing buyers by roughly $40 million per hour, a pattern that typically reflects an unwillingness from the market to absorb sell orders and a broader shift toward defense rather than buying.<\/p>\n

Maartun said the spot market is showing similar weakness, reinforcing the message coming from futures. As part of his comparison, he referenced Coinbase trading at a -0.21% discount versus Binance.\u00a0<\/p>\n

In his interpretation, a negative premium like this often signals that US participants are selling more forcefully than counterpart liquidity sources, confirming that the risk-off mood isn\u2019t limited to derivatives desks.\u00a0<\/p>\n

He added that this spot softness aligns with ongoing ETF outflows<\/a>, which have continued to pull capital out of Bitcoin-focused vehicles. Maartun highlighted two consecutive weeks of net outflows, and he said more than $1.0 billion exited from BlackRock\u2019s Bitcoin fund just last week alone.\u00a0<\/p>\n

\"Bitcoin\"<\/p>\n

With that institutional demand apparently cooling, he argued the market has fewer buyers ready to step in\u2014creating additional downside pressure even when price briefly snaps back above major levels.<\/p>\n

Why Bitcoin Bottoming Could Take Time<\/h2>\n

At the same time, Maartun noted that the early data is beginning to hint at something more constructive. He pointed to improving conditions indicated by the stablecoin supply ratio<\/a> (SSR) indicator, and said Net Taker Volume is nearing historical exhaustion levels.\u00a0<\/p>\n

His framing is that extreme selling sometimes marks a turning point, because it drains leverage and forces weaker hands out of the market. On that basis, he suggested the odds of a short-term relief rally are increasing, even if a larger cycle turnaround may take longer.<\/p>\n

To place expectations in context, Maartun compared how long previous cycle bottoms took to arrive after Bitcoin Halving events<\/a>. He listed historical timing as 2012, taking 777 days, 2016, taking 889 days, and 2020, taking 925 days.\u00a0<\/p>\n

He then compared those benchmarks to the current cycle, estimating it at 768 days\u2014implying that the market may still be in a phase where bottoming processes can unfold slowly rather than in a single instant.<\/p>\n

\"Bitcoin\"<\/p>\n

Featured image created with OpenArt; chart from TradingView.com\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) regained the $73,000 level on Friday after earlier dipping to $72,500 earlier in the day for the first time since April. While the rebound may look like a quick recovery on the chart, market analyst J.A. Maartun said the bigger story is what the data shows about selling pressure underneath the surface.\u00a0 In […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-96996","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/96996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=96996"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/96996\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=96996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=96996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=96996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}