Weakening Sell Pressure: CryptoQuant Analyzes Bitcoin's Price Movements

CryptoQuant's analysis suggests that Bitcoin's recent price movements may be influenced by a weakening sell pressure, indicated by a significant decline in USDT (Tether) market value.

The data shows that USDT's 60-day rolling market-cap change averaged about minus $4.88 billion as of August 10, with nearly $870 million of USDT supply disappearing over the latest 11-day period.

CryptoQuant argues that this pattern is consistent with late-stage behavior in previous bear markets, where severe stablecoin redemptions occur near exhaustion points rather than at the beginning of further acceleration.

The steepest 60-day contraction phase previously peaked around July 13 at approximately minus $5.72 billion, and CryptoQuant notes that this milestone offers a reference level for where 'worst-case' pressure may have already been seen.