Key Highlights
- Bitcoin dropped about 12% in a week, falling from above $75K to around $65K, showing strong weakness after failing to hold the $83K ETF level.
- Heavy selling pressure is dominating the market, with $4.21B ETF outflows, rising realized losses, and over $1.14B liquidated in 24 hours.
- Market structure is weakening, with Bitcoin falling below key valuation levels and shifting into a bear market zone.
Just days after trading closer to $83k, an ETF cost level, Bitcoin price has now taken a sharp turn as it drops by 12% in a week.
According to Glassnode, Bitcoin current price action shows that the recent rally is losing strength fast. In a report, the blockchain analytic firm explained that profits are shrinking with more traders selling.
In addition, buyers are no longer strong enough to hold the price up. Glassnode described this phase as “The Rally That Wasn’t,” pointing to a clear shift in control from buyers to sellers.
At the time of writing, Bitcoin is trading for $65,849, down from a high of above $75k. Thai token is down by 2.65% today with trading activity holding steady to around $51 billion while its market cap sits at $1.32 trillion.
Macro pressure from the economy
Meanwhile, the wider economy added pressure to this market. In April, the U.S job openings went up to 7.62 million in April, the highest level in almost two years and much higher than expected. This pushed the 10-year US bond yield above 4.45%. Markets quickly changed their view on interest rates, now pricing more than a 50% chance of a rate hike by the end of the year, while cutting out hopes of rate cuts.
Also, the US dollar index stayed strong above 99, showing tighter money conditions overall. In simple terms, money is getting more expensive, and risky assets like Bitcoin are feeling the pressure.
Spot BTC ETFs sees $4.21 billion outflow in 3 weeks
In addition to this, institutional investors are also pulling back. US spot Bitcoin ETFs saw about $4.21 billion leave the market over three weeks, which is the biggest outflow this year, according to data from SoSovalue.
In fact, the fund has lost about $519 million in just June 2 alone, with Blackrock leading with $388 million in withdrawal.
These Bitcoin ETF flows show that many large investors are not buying dips right now. Instead, they are reducing risk and exiting positions when prices bounce. The rally previously stalled near the ETF cost basis around $83K, which has now flipped into resistance.
Weakening market structure below key levels
At the same time, Glassnode also reported that the market structure is weakening. According to the firm, Bitcoin has fallen back below the True Market Mean around $77.8K and is now moving closer to the Realized Price near $53.9K.
At its current level of around $65K, Bitcoin is sitting in the middle of what Glassnode calls a bear market zone. Another key signal is that short-term buyers are now in a weaker position. Their average buying cost has dropped below the market mean, which usually shows that newer investors are under stress and losing confidence.
Rising Losses Across The Market
In addition, the realized Profit/Loss Ratio has dropped to 0.29 over the past week. This simply means that more people are realizing losses than gains when they sell. Daily realized losses have jumped to about $1.35 billion, showing heavy pressure in the market.
Long-term holders alone are realizing around $770 million in losses per day, which means even older investors are starting to give up on holding through the decline.
$1.14 billion liquidated in 24 hours
Liquidations also contributed to the drop. According to data from Coinglass, about $1.14 billion has been liquidated from the market within the last 24 hours. About $944 million of that amount came from traders who had bet on prices going up.
While $193 million came from short position traders. This affected 202,904 traders. While this removed excess leverage, Glassnode notes that it was not as severe as past liquidation events in late 2025 and early 2026.
Glassnode concludes that Bitcoin is currently in a fragile structure, with weak demand, and heavy ETF outflows. Until buyers return in force and selling slows down, the market is likely to stay unstable or move sideways with a risk of further drops.
Also Read: Bitcoin Price Will Crash to $20K Once It Breaks $50K: Peter Schiff
