Bitcoin is facing one of its most severe bearish episodes of the year, with on-chain data revealing a 48-day streak of continuous selling pressure on Binance, the world's largest crypto exchange. At the same time, a jolt from US macroeconomic data sent shockwaves through global markets, erasing over $1.28 billion in Bitcoin long liquidations within just five days.
According to CryptoQuant analyst Crazzyblockk, the BTC Exchange Net Flow Indicator (IE-Adjusted, 7D MA) has shown persistent net inflows—indicative of sell pressure—since April 19. Over that period, Binance’s BTC reserves swelled from 619,529 BTC to 659,488 BTC, an increase of approximately 39,958 BTC. The selling climax appeared on June 2, when daily adjusted net inflow peaked at +8,791 BTC and the 7-day moving average climbed to +0.844. Notably, whales—defined as large holders—accounted for an average of only 46.76% of the inflows, far below typical institutional distribution levels, suggesting the selling was broad-based rather than whale-driven.
By June 5, however, some signs of easing emerged: the daily adjusted inflow retreated to +1,679 BTC and the 7D MA compressed to +0.691. Crazzyblockk cautions that it remains unclear whether this is a genuine reversal or merely a temporary pause in the broader distribution trend.
Compounding the on-chain headwinds, a stronger-than-expected US jobs report ignited a market-wide risk-off move. The economy added 172,000 jobs in May, far above the 88,000 forecast. While robust employment is normally positive, investors interpreted it as reinforcement for the Federal Reserve to maintain a restrictive monetary policy. Rate hike expectations jumped from 40% to 57%. The fallout wiped roughly $2.5 trillion from major asset classes in a single session—including $1.14 trillion from the S&P 500, $1.11 trillion from the Nasdaq, and $80 billion from Bitcoin.
Analyst Axel Adler Jr. highlighted that excessive leverage intensified Bitcoin’s drop. Funding rates stayed positive even as prices fell, signaling stubbornly bullish positioning and heightened liquidation risk. The 30-day open interest change peaked at 14.1% on June 3 before easing to 8.4%. Meanwhile, US spot Bitcoin ETFs recorded $1.40 billion in weekly net outflows, removing crucial demand. Exchange inflows mirrored the selling bias, with the seven-day netflow average hitting 10,200 BTC on June 2 before receding to 6,200 BTC.
With Bitcoin now hovering near $61,000, the key level to watch is $60,000, the current cycle low. Adler Jr. warns that a sustained breakdown below this support could trigger another cascade unless ETF outflows, exchange inflows, and futures positioning cool off simultaneously.
