Bitcoin spot selling pressure is accelerating, with Glassnode's volume difference indicator remaining negative, indicating an accumulation of distribution pressure. Meanwhile, a whale on Hyperliquid with a $30.5 million position is close to liquidation on a 40x BTC long, with a liquidation price of only $72,433, less than $400 from the current price.

This is not an isolated event. Over the past week, ETF funds have continuously flowed out, miner inflows to exchanges have surged, and market predictions that BTC will fall below $70k before the end of the month are increasing. The market appears to find support around $73,000, but the vulnerability of this support lies in it being built on leverage that could be liquidated at any time.
What is more concerning is that funds are not flowing into other cryptocurrencies for safe haven but are overall flowing out—JPMorgan points out that devaluation trades are cooling down, with Bitcoin and gold ETFs flowing out simultaneously, and market expectations of a US-Iran agreement weakening safe-haven demand. This means that once the whale's position is liquidated, the chain reaction triggered may not be quickly absorbed by bottom-fishing funds as in the past.
The short-term focus is on $72,433—this price level will determine whether the $30.5 million position becomes a market bottom or triggers a new round of decline. But a more important signal than the liquidation itself is: in the context of liquidity injection, market tolerance for leverage is decreasing.
$hype #btc #DeFi #etf #On-chain Data