Spot selling pressure is accelerating, and the 7-day moving average difference has turned negative. The market is voting with real money—cautious observation has become the consensus, but the true bottom signal has not yet appeared.

Glassnode data shows that the Bitcoin spot trading volume difference (7-day moving average) has re-entered a sustained negative zone. The price has fallen back to around $73,000, with spot selling pressure clearly accelerating, and the selling side's distribution pressure is accumulating. As the price drops from above $80k to approximately $75,000, spot demand, ETF capital inflows, and volatility expectations continue to weaken. Although positions have been reset, investor confidence remains limited, and the overall market is in a cautious wait-and-see stance.