Bitcoin is facing renewed downside pressure, with price dipping to around $73,200 after a 5% weekly decline. On-chain data from Glassnode reveals that the total supply held at a loss has climbed to 8.33 million BTC, as roughly 580,000 coins recently purchased between $73,000 and $76,600 slid underwater. This cohort of underwater holders adds near-term sell pressure, according to the analytics firm, as market participants reassess their positions into the correction.
Compounding the supply-side concerns, analyst Axel Adler has flagged a significant movement of institutional Bitcoin onto exchange infrastructure. On May 28, wallets linked to BlackRock’s IBIT ETF transferred 7,048.324 BTC to a Coinbase Prime deposit address. The same day, Strategy‑affiliated addresses followed suit, moving 411.480 BTC to Coinbase Prime via an intermediate wallet. The combined 7,459 BTC is now in a state of heightened liquidity, though no sale has been confirmed.
Adler’s analysis notes that the transfers represent a deliberate repositioning of coins from storage into a venue where liquidity can be accessed, creating a supply overhang. The market now must demonstrate whether demand near the $73,000–$74,000 support zone is sufficient to absorb any eventual selling. Bitcoin is currently testing a critical weekly support that previously acted as resistance, and a failure to hold could shift focus back to the $63,000–$66,000 area where the strongest demand of 2026 emerged.
