Bitcoin Price Tests Key Demand Zone Amid Whale Selling and ETF Outflows

The Bitcoin price has been facing renewed selling pressure near $78,000 due to whale distribution, weak spot demand, and U.S. spot Bitcoin ETF outflows.

According to Glassnode's analysis, substantial selling across spot and perpetual markets is weighing on the market, with negative cumulative volume delta readings indicating that sellers have maintained the upper hand.

The weakness extends to institutional flows, with weekly U.S. spot Bitcoin ETF netflows turning negative, removing a source of demand from the market.

However, Glassnode's assessment does not point to an established structural breakdown, as continued capital inflows into the broader Bitcoin market and relatively high holder profitability are helping absorb the selling.