The price of Bitcoin fell a net 3.45% last month as the major cryptocurrency struggled to maintain momentum in April. During this period, Bitcoin suffered several rejections from the $82,000 price range, triggering a sustained downward trend since mid-May. In a recent market analysis, renowned expert Maartunn provided insight into this downtrend, a fragile market structure formed by multiple stages of selling.
Maartunn reported in an X post on May 29 that the price of Bitcoin has fallen 11% over the past 14 days. However, in-depth market research shows that these price losses are merely a symptom of structural problems in the sector, manifested by the simultaneous departure of various market participants.
One of these actors is the future trader who takes an aggressive sell position. Selling pressure in derivatives markets reached its highest level since March, with net buyers plummeting to -$948 million, according to data from CryptoQuant. On average, sellers outperformed buyers by about $40 million per hour, indicating ongoing pressure rather than a one-time event.
📉 Bitcoin is down 11% in the last 14 days.
Selling isn’t just about price.
• Futures traders are selling aggressively.
• US cash investors are reducing their exposure.
• ETF outflows continue to accelerate.Data points to one of the strongest sales waves ever… pic.twitter.com/nzeMu9X2Yq
— Maartun (@JA_Maartun) May 29, 2026
Meanwhile, U.S. spot market participants appear to be leaning bearish. On-chain metrics show that Coinbase is trading at a 0.21% discount to Binance, reflecting the negative Coinbase premium. These negative spreads indicate that selling pressure is stronger among US-based investors as Bitcoin is being offloaded more aggressively on Coinbase than on foreign exchanges.
Lastly, institutional investors are also taking a more cautious stance due to fund outflow for two weeks in a row. During this time, approximately $1 billion was withdrawn from the iShares Bitcoin Trust last week alone. This continued decline in institutional exposure signals a noticeable decline in demand and adds another layer of resistance to a near-term bullish breakout.
Positive signs exist, but market recovery is historically far off
Amidst negative and worrying prevailing market trends, Maartunn points to important early positive signs that point to a potential market rebound. One of these signals is the Stablecoin Supply Ratio (SSR) indicator, which is rising, suggesting that stablecoin liquidity is increasing relative to Bitcoin’s market cap. This condition often trumps new purchasing power.
Additionally, net taker volume is approaching typical exhaustion levels, indicating that aggressive selling pressure is approaching its limits. Such extreme selling events often marked local bottoms. This is because “smart money” tends to intervene to accumulate positions at discounted levels during surrender periods.
However, while short-term relief is still possible, the argument that the recovery will continue in the long term seems unconvincing at this stage. Historical data shows that Bitcoin’s cyclical lows have typically formed fairly late after each halving (i.e. around 889 days in 2016 and 925 days in the 2020 cycle). By comparison, the current cycle is only about 768 days after the halving, suggesting that the market may still be in a broader correction rather than approaching a definitive macro bottom.
Bitcoin Market Overview
As of press time, the value of Bitcoin is $73,309, down 3.32% from last week.
Featured image from Flickr, chart from Tradingview
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