Bitcoin is trading near $75,962 as market data reveals weakening price action and increasing derivatives stress. According to CoinMarketCap, BTC slipped 0.21% in 24 hours, with its market cap at $1.52 trillion and daily volume rising 8.41% to $36.57 billion.
Analyst Michaël van de Poppe posted on X that Bitcoin is at its “capitulation point,” citing a Glassnode chart showing annualized perpetual funding near 5%, meaning shorts are paying longs. This marks the lowest funding levels since 2022, indicating extreme bearish sentiment in the derivatives market.
Adding to selling pressure, Bhutan moved another 100 BTC (worth about $7.83 million) from state-linked wallets, signaling potential government sales. The combination of low funding rates and government transfers suggests the market may be approaching a bottom, though short-term volatility remains elevated.
