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The transfer of 50,000 BTC to exchanges at a loss within 24 hours has intensified short-term investor pressure on Bitcoin.
The transfer of 50,000 BTC to exchanges at a loss over the last 24 hours has increased short-term selling pressure on Bitcoin.
The market value of holdings by short-term investors dropped to $237.7 billion on June 26, marking the lowest level since October 2, 2024.
The movement of 181,000 BTC into long-term wallets indicated that a portion of the circulating supply was being accumulated, a trend that drew attention regarding BTC.
US economic data, Federal Reserve expectations, and weak institutional demand have contributed to continued pressure on Bitcoin.
Pressure from short-term investors on Bitcoin has become pronounced once again. Approximately 50,000 BTC were sent to exchanges at a loss in the last 24 hours. During the same period, the total market value of short-term investors' holdings fell to $237.7 billion, hitting its lowest point since October 2, 2024.
Loss-related pressure intensifies among short-term investors
As of June 26, the market value of short-term investors' holdings had fallen to $237.7 billion. This metric tracks the market value of assets held by investors who purchased Bitcoin within the last 155 days. The current picture indicates that the market value for this group has dipped below their realized value, suggesting that many recent buyers are currently sitting on unrealized losses.
The recent decline in the market value of short-term investors' holdings stands out not as a confirmation of a market bottom, but rather as a measure of market stress.
A similar weakening was observed during the correction in October 2024. The pullback that occurred at that time subsequently coincided with a significant base for Bitcoin. In contrast, the latest data does not in itself indicate the formation of a new low; rather, it reveals mounting pressure on short-term investors.
BTC inflows to exchanges increased
Exchange flows also signaled intensifying selling pressure. Approximately 50,000 BTC held by short-term investors was moved to exchanges at a loss over the last 24 hours. This marked the highest volume of loss-bearing transfers seen since June 4. A single crypto exchange received approximately 9,500 BTC, the highest inflow under these conditions since June 3.
This movement indicates that newer investors—who are more sensitive to price drops—have become more active on the selling side.
BTC moved to exchanges at a loss: 50,000 BTC (highest since June 4)
BTC inflow to a single crypto exchange: 9,500 BTC (highest since June 3)
Short-term investor market value: $237.7 billion (lowest since October 2, 2024)
Long-term investors continued to accumulate supply
In contrast, a more constructive outlook emerged among long-term investors. The amount of Bitcoin entering accumulation addresses hit a record high of 181,000 BTC on Thursday. The previous peak was 94,700 BTC, recorded in February 2022. These addresses are typically tracked as wallets with limited spending history, and the data suggests that long-term investors are absorbing the supply entering the market.
Macro data and the institutional demand outlook exerted pressure
This situation indicates that professional investors are selling more heavily compared to retail investors.
Macroeconomic data released in the US also reinforced the cautious sentiment. Headline PCE inflation came in at 4.1%, exceeding the expected 4.0%. Core PCE came in at 3.4%, exceeding the 3.3% forecast. Gross Domestic Product also surpassed expectations, recording 2.1% growth. These data limited expectations for monetary policy easing.
Bitwise noted that the Federal Reserve's meeting last week accelerated a shift toward a tighter monetary stance. The firm reported that policymakers have scaled back their easing bias and raised the median federal funds rate forecast for 2026 from 3.4% in March to 3.8%. Bitwise also observed that outflows from crypto investment products, such as spot ETFs, are continuing.
MicroStrategy was also a focal point for the market. The company accumulated 174,300 BTC. According to Bitwise data, approximately 96,000 BTC of these purchases were funded through the issuance of convertible preferred shares, while 77,500 BTC were financed via sales of MSTR common stock. It was reported that the stock fell to $82.50 last week—a 17.5% discount to its $100 par value—and dropped further to approximately $73 in pre-market trading on Friday. The company's cash reserves have also declined by 38% since the beginning of the year. Following the repurchase of $1.5 billion in convertible notes, the annual dividend obligation rose from $300 million to $1.2 billion. Consequently, the dividend coverage period shrank from levels extending up to seven years down to 14 months.
‍$BTC $MSTR