BlockBeats news: On May 26, crypto analyst Axel Adler Jr. stated that despite BTC recently reclaiming $77,000, net inflows into exchanges alongside continued outflows from spot ETFs are exerting localized selling pressure on the market. Data shows that over the past week, net inflows into BTC exchanges totaled approximately 18,000 BTC, indicating more BTC is being transferred to exchanges in preparation for selling. Meanwhile, U.S. spot Bitcoin ETFs recorded net outflows of about 16,000 BTC during the same period. Combined, these figures represent a potential selling pressure of roughly 34,000 BTC.
Glassnode data also shows that daily spot BTC ETF trading volume has fallen below $20 billion, down from over $50 billion at the end of 2025, reflecting a cooling in speculative demand through traditional financial channels. However, market sentiment has recently improved due to expectations of a peace agreement between the U.S. and Iran. BTC quickly rebounded to around $77,800 after dipping below $75,000.
Derivatives data shows that this rally was primarily driven by short covering. BTC’s total open interest (OI) declined from approximately 268,000 BTC to 250,000 BTC before slightly rebounding, while funding rates also cooled, indicating reduced leverage long positioning. Analysts suggest that for BTC to push further toward $80,000, both spot demand and open interest must rise in tandem.