Bitcoin has shed $5,000 within days. The data says this selloff could worsen

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<a href="https://pricpr.com/btc-usd/">Bitcoin</a> has shed $5,000 within days. The data says this selloff could worsenMarkets

What to know:

  • Bitcoin has fallen about 6% from $82,000 to $76,800, but underlying data point to more than routine pullback.
  • U.S.-listed spot bitcoin ETFs have seen over $1.5 billion in outflows since May 7, signaling sustained institutional selling pressure.
  • Trading metrics show aggressive selling in both spot and futures markets and rising demand for protective put options, indicating growing concern about a deeper price decline.

As a researcher tracking the cryptocurrency market, I’ve observed a recent, sharp drop in Bitcoin’s price – it fell from around $82,000 to $76,800 in just a few days. While a 6% decrease might seem normal after a big climb from $60,000, a closer look at the data indicates there’s more to this dip than just a typical correction.

Several indicators suggest the market is worried prices will fall further. These signals all point to the same conclusion: a potential downturn is causing concern.

ETF outflows accelerate

Data from SoSoValue shows that U.S.-listed spot bitcoin ETFs have experienced over $1.5 billion in outflows since May 7th. Withdrawals were particularly high on Monday, reaching $648 million – the largest single-day amount since January 29th. This marked the second time in a week that daily outflows surpassed $600 million, following a $635 million outflow last Tuesday.

More money has left our funds than has come in since the beginning of May, leading to a net decrease of $396 million. Typically, minor market adjustments don’t cause this level of consistent selling from institutional investors, but this time, they are.

Aggressive selling at market orders

Cumulative Volume Delta (CVD) is a signal that shows who’s in control – buyers or sellers. It works by looking at the difference between strong buy and sell orders, ignoring more passive orders that simply wait for a price to be reached.

When the Cumulative Volume Delta (CVD) drops sharply, it indicates sellers are aggressively trying to sell, instead of waiting for buyers to come to them. This has recently happened in both current and future markets.

Glassnode reports that the total amount of Bitcoin bought on exchanges (CVD) has significantly changed, moving from $16.9 million to negative $126.2 million during the recent price drop. This indicates a strong increase in selling pressure.

We’re seeing a similar trend in the perpetual futures market: the Cumulative Volume Delta (CVD) has dropped significantly to negative $368.5 million. This shows that futures traders are selling at about the same rate as those trading in the current, or ‘spot,’ market.

Hedging demand

Trading activity in Bitcoin options indicates that more traders are trying to protect themselves from potential price drops, suggesting increasing concern about a further decline in the cryptocurrency’s value.

Puts, which are contracts used to limit potential losses if a price drops, are getting more expensive compared to calls, which benefit from price increases.

Options delta skew, tracked by Glassnode, has risen to 14.4% from 10.9%, a meaningful jump.

According to Glassnode analysts, the recent rise in options activity suggests traders are bracing for potential price drops in bitcoin, signaling a lack of confidence that the recent low marks the bottom. Essentially, when experienced investors pay more to protect themselves from losses, it usually means they don’t believe the price will quickly recover.

Considering these factors, along with the cautious mood in traditional markets, it looks like Bitcoin’s price could fall further. Experts believe the first level of strong buying interest is around $76,000, with another, larger one between $74,000 and $75,000.

As a crypto investor, I’m watching Bitcoin closely, and Vikram Subburaj from Giottus exchange pointed out that if the price falls below a key support level, we could see a more significant price drop. Basically, a break below that level could trigger a deeper correction, so it’s a critical area to watch.

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2026-05-19 09:17