According to a report from CryptoQuant, Bitcoin is experiencing a resurgence of selling pressure in the derivatives market, raising concerns about the sustainability of its recent price rebound. The data shows that after a brief stabilization period between November and January, where aggressive buying briefly dominated, sellers have now regained control.
The key metric, the 30-day moving average of Net Taker Volume, has turned decisively negative, reaching approximately -$272 million. This indicates that aggressive selling by derivatives traders is currently dominating market flows. This shift is gradual, suggesting a sustained positioning change rather than a one-off liquidation event.
This trend is reinforced by data from Binance, a major hub for Bitcoin derivatives trading. The taker buy/sell ratio on the exchange declined from 1.00 to 0.97, confirming that sell-side aggression has overtaken buy-side activity. The timing is critical, as this renewed pressure builds ahead of key macroeconomic data releases, including inflation (CPI) and labor market figures, which keep overall market risk appetite sensitive.
Simultaneously, CryptoQuant CEO Ki Young Ju highlighted a deeper, structural market issue. Despite historic capital inflows of roughly $308 billion into Bitcoin in 2025, the market cap failed to grow proportionally. Analysis suggests this is due to aggressive distribution by long-term holders and whales, who sold into the liquidity, effectively capping price appreciation. This behavior signals a market evolution where selling pressure defines price ceilings more than inflows define floors, challenging traditional demand accumulation theories.
The combined analysis from these reports paints a picture of a maturing market. Bitcoin's price action is increasingly influenced by derivatives positioning and active supply distribution from large holders, rather than being driven solely by raw capital inflows. This creates a fragile environment where strong spot demand is needed to counterbalance the derivatives-led selling pressure, especially in a climate of high macro uncertainty.
