Bitcoin (BTC) selling pressure may be fading even as the asset slips, with old holders, leveraged traders, and exchange-traded fund (ETF) investors all easing off the sell button.
The cryptocurrency has dropped 3.6% over the past week as macroeconomic pressures offset geopolitical relief. Yet three market signals suggest the heaviest distribution may be behind it.
The first sign comes from long-term owners. Analyst Darkfost noted that this cycle has recorded the largest wave of long-term Bitcoin holder (OG) selling on record, as reflected in STXO data.
Spent Transaction Outputs (STXO) data measures how much BTC moves on-chain, and activity from old wallets usually means selling. Their sales peaked three times, each after a sharp price rally.
Those peaks hit 3,860 BTC in May 2024, 3,200 BTC in February 2025, and 2,360 BTC in September 2025. Each figure reflects a 90-day average, while single days at times topped 100,000 BTC.
Bitcoin STXO of Long-Term Holders. Source: X/Darkfost
That average has now fallen below 1,000, to 962 BTC, the lowest level since November 2024. The priciest coins this group bought cost roughly $63,200, near current levels.
“At current prices, these investors are choosing to continue holding rather than sell, thereby contributing to the easing of selling pressure,” the analyst said.
Leverage Resets and BTC ETF Outflows Slow
The second sign sits in the derivatives market. CryptoQuant data showed that total BTC Open Interest (OI) peaked at $25.96 billion on June 1. It then fell to $20.89 billion by June 21.
That 19.5% drop outpaced an 11.4% price slide over the same period. Falling price alongside shrinking OI signals positions closing, not new leverage building. CryptoQuant contributor Woominkyu noted that excess leverage has been reduced.
“This does not guarantee an immediate rebound, but it does indicate a healthier market structure than a highly crowded derivatives market,” the post read.
The third sign is institutional. Spot Bitcoin ETFs logged a sixth straight week of outflows, yet the pace slowed sharply, according to SoSo Value data.
Weekly outflows fell from $1.72 billion in early June to $315.84 million by June 12. They eased further to $226.84 million in the week ending June 18.
