Analysis: The net inflow to exchanges and ETF outflows have created potential selling pressure of 34,000 BTC. If Bitcoin is to break through $80,000, it will still need support from spot buying.

BlockBeats News, May 26th, Cryptocurrency analyst Axel Adler Jr. stated that despite BTC reclaiming $77,000 recently, the net inflow on exchanges and the continuous outflow from spot ETFs still exerted local selling pressure on the market. Data shows that in the past week, about 18,000 BTC were net inflowed into BTC exchanges, indicating more BTC ready to be sold. At the same time, the net outflow of the U.S. spot Bitcoin ETF was about 16,000 BTC during the same period. The combination of these two data points forms a potential selling pressure of approximately 34,000 BTC.

Glassnode data also reveals that the daily trading volume of spot BTC ETFs has dropped to below $20 billion, while it once exceeded $50 billion by the end of 2025, reflecting a cooling speculative demand from traditional financial channels. However, the market sentiment has recently improved due to expectations of a U.S.-Iran peace agreement. BTC quickly rebounded to around $77,800 after falling below $75,000.

Derivative data indicates that this round of rise was mainly driven by short covering. The total open interest (OI) of BTC dropped from about 268,000 BTC to 250,000 BTC and then slightly rebounded. The funding rate also cooled down, implying a decrease in leverage long overcrowding. Analysts believe that for BTC to further challenge $80,000, a synchronous growth in spot demand and open interest is still needed.