sellers

CryptoQuant analyst Darkfost stated that on-chain data shows that the "seller exhaustion model" indicator for Bitcoin has dropped to its lowest level since the bear market began. This model measures whether sellers still have enough chips to continue pushing prices down by comparing the market's profitable supply ratio with the average monthly volatility.As BTC has corrected more than 10% from its previous high, short-term profit-taking in the market has basically concluded, and selling momentum has significantly weakened. Historically, this sharp decline in selling pressure typically aids in the formation of market bottoms. The analyst also warned that reduced selling pressure does not equate to an immediate market rebound. The current core contradiction lies in the fact that although sellers have calmed down, the market still lacks sufficient "new demand" to drive prices upward. Until substantial buying capital returns, Bitcoin's upward potential remains limited.

Glassnode released data on social media indicating that BTC sellers have been continuously cutting losses below $80,000. Last week saw the longest duration of daily net realized losses since mid-August.The concentrated loss periods in August and September both formed at local lows. If the price can stay above $75,000, it will once again align with this pattern.

Cryptocurrency market analyst Darkfost expressed the view that the Bitcoin market is currently in a stage of insufficient investor confidence, with both buyers and sellers hesitant. The current profit supply ratio has fallen from a previous brief breakthrough of 60% to 53.8%, approaching the breakeven line of 50%. This indicator excludes Bitcoin held for more than 10 years to better reflect the current state of the circulating market.It is not uncommon for this situation to occur at the end of a bear market. After the market experiences a phase of sell-off and capitulation, and the profit supply ratio falls below 40%, it usually takes some time to regain the 50% level. The restoration of investor confidence and the formation of new demand require time, and the market still needs to wait for investor behavior to gradually stabilize, driving continuous improvement in profit status.

Semiconductor analyst Jukan shares a commentary translated into English by him, authored by a salesperson from a local Chinese sell-side institution. The individual states: In mid to late September, hardware quickly transitioned into a downward wave, with China and South Korea adjusting first, experiencing deeper declines and longer durations, followed by Japan, Taiwan, and the semiconductor ETF SOXX weakening subsequently; there is significant divergence in the market regarding whether AI is entering a mid-cycle collapse, but there is less controversy about the industry still advancing.The individual summarizes the views of interviewed investors: High long-term interest rates in the U.S., capital expenditures beginning to rely on external financing and competing for funds in the market, multi-layered leverage accumulation, and tight funding are the main reasons for this round of decline, with companies like CoreWeave experiencing a noticeable deterioration in financing structure and cost burden. Model invocation prices are decreasing, but capital expenditures and supply chain costs are difficult to reduce quickly, making short-term investment returns hard to realize. ASML and TSMC's guidance this season is strong, but near-term pressures cannot be ruled out; the bullwhip effect and differences in value chain levels may cause volatility to be greater than expected.The individual also mentions that use cases beyond coding are emerging in scenarios such as SaaS and AI drug development, which may gradually alleviate investment return concerns and expand demand. His personal judgment: Before more evidence emerges, the current situation resembles a high-volatility phase rather than a collapse that has already begun; the decline may not yet be over, and hardware leadership may give way to applications. Even if control of both houses changes in the midterm elections, the impact may mainly be limited to constraints on certain data center projects, and the U.S. earnings season needs to verify the performance of large technology companies.

Glassnode released data on platform X stating that during yesterday's BTC decline, there was once again a situation of seller capitulation. Each wave of loss selling coincided with local bottoms: early August, mid-August, and mid-September.Since the peak in September, profit-taking has slowed down. If this pattern holds, the sell-off just above $80,000 yesterday would mark the bottom.

CryptoQuant analyst Axel Adler Jr. stated that in the past two days, the pressure from active buy and sell orders for Bitcoin has shifted to the sell side, with the price dropping from $79,900 to $78,700. Open interest has increased as prices fell, indicating that new positions are driving this trend.Data shows that the Bitcoin active order pressure oscillator is at +3.82, then fell below zero and remained in negative territory for 46 hours, with the latest reading at -3.19. Although selling pressure has eased from the phase low of -5.28, bulls have not yet regained control. The short-term outlook remains bearish, and a signal for improvement would be the oscillator consistently returning above the zero axis, accompanied by a price stabilization.

According to Crypto.news, data from CryptoSlam shows that this week, NFT transaction volume increased by 155.23%, rising from $35.29 million last week to $97.86 million. The number of NFT buyers rose by 50.56% to 174,203; the number of NFT sellers increased by 51.33% to 160,382; and the number of transactions slightly increased by 5.38% to 952,541.Ethereum network NFT transaction volume grew by 579.79% to $71.51 million, with the number of buyers increasing by 63.72% to 24,647. The Polygon network ranked second with a transaction volume of $10.55 million, a year-on-year decrease of 10.58%, while the number of buyers grew by 27.35% to 72,226. The Base network ranked third with sales of $4.51 million, an increase of 99.84%, and the number of buyer addresses grew by 86.74% to 2,168. The BNB Chain network followed closely behind, with a transaction volume of $3.59 million, an increase of 107.39%. Its number of buyers grew by 117.48% to 8,895.

Jack Mallers explained the reasons for needing to buy Bitcoin currently, stating that the dollar must depreciate, debt must be monetized, and inflation must begin. Do not feel fear or fatigue because of BTC; the sellers have exhausted themselves, and this is a historic buying opportunity.

Bloomberg analyst James Seyffart posted on X platform that institutional investors submitting 13F reports to the U.S. Securities and Exchange Commission reduced their Bitcoin ETF positions in the fourth quarter of 2025, with investment advisory firms and hedge funds being the two largest categories of institutions by position size, becoming the main sellers in the market.Overall, the reporting institutional investors that submitted 13F reports sold a total equivalent to approximately 25,000 Bitcoin worth of ETF shares in the fourth quarter of 2025.

According to HyperInsight monitoring, a certain "ETH Super Short" has been firmly shorting since $2,940 and recently began to reduce positions, with current floating profits expanding to $8.34 million. The short position worth $88.9 million has been gradually closed, and its current value is $16.45 million.This whale has accumulated profits of over $80.9 million through shorting ETH, and has been continuously shorting ETH on Hyperliquid since 2024, always using the highest leverage (previously 50x, currently 25x).

According to monitoring by HyperInsight and Coinglass, the market is experiencing significant volatility. Influenced by a sudden increase of 2.3% in BTC and nearly 5% in ETH at 3 AM today, multiple cryptocurrencies on Hyperliquid faced large-scale liquidations, with the largest short whale "Air Force Commander" (0xd83) encountering a total liquidation amount of $199 million. The largest single liquidation was $40.22 million, marking the largest single liquidation in nearly 24 hours across the network.This address had significantly rolled over short positions in ETH, XRP, and several other cryptocurrencies yesterday, with total holdings nearing $500 million at one point, and simultaneously became the largest short in multiple cryptocurrencies including BTC, ETH, PEPE, and XRP on-chain. Due to its use of a full-margin shared collateral model, related operations significantly lowered the liquidation prices of multiple cryptocurrencies. Around 3:30 AM this morning, the address faced dozens of liquidations across five cryptocurrency positions. In the past few hours, this whale has once again replenished its short positions in multiple cryptocurrencies. The specific liquidation and holding information is as follows:BTC short: Liquidation amount reached 400 coins, approximately $36.04 million, current holding size about $145 million, liquidation price $90,990;ETH short: Largest single liquidation of 13,288 coins, totaling 40,640 coins, approximately $123 million, current holding size about $96.1 million, liquidation price $3,073;PEPE short: Liquidation amount approximately $7.41 million; current holding size about $13.3 million, liquidation price $0.00579;XRP short: Liquidation amount reached 14.88 million coins, approximately $29.07 million, fully liquidated;HYPE short: Liquidation amount reached 185,700 coins, approximately $4.01 million; current holding size about $13.11 million, liquidation price $24.64;

According to market news, address 0xD83...Fd7 has expanded its $3 million principal to $10 million through rolling operations over the past five days. Its current total value of short positions in BTC and ETH amounts to $250 million, consisting of 1,640 BTC (nominal value of $150 million) and 31,093 ETH (nominal value of $100 million). As the prices of cryptocurrencies have fallen, the trader has increased their BTC short position again one hour ago, with current floating profits totaling $6.81 million.

According to Coinbob's popular address monitoring, the ZEC price briefly dropped by 6.4%, hitting a low of $449 before rebounding to around $465. During this fluctuation, the largest long whale on Hyperliquid (0x152) saw its position shift from profit to loss, and then decisively increased its position near $459, adding 2,486 ZEC (approximately $1.14 million) within 10 minutes. Over the past 20 hours, it has cumulatively increased its long position by 9,871 ZEC (approximately $4.54 million). Currently, this whale holds a 10x leveraged long position in ZEC, with a scale of about $12.35 million and an average price of $463.Additionally, Coinbob monitoring shows that the "largest short" whale in ZEC is still at a floating loss and has not adjusted its ZEC short position recently, with a current position size of about $17.48 million and an average price of $419, resulting in a floating loss of $1.64 million (47%). Meanwhile, the "altcoin short army leader" has been continuously increasing its ZEC short position over the past few hours, currently raising its ZEC short position size to $2.08 million and is still continuing to add to it.

Crypto trader Ran Neuner posted that the current market is completely in a risk-on mode, but most people are oblivious to it because Bitcoin's price has not fluctuated significantly.Currently, silver prices have reached an all-time high and are in a phase of breakout and acceleration; silver is the beta of gold, indicating risk appetite. The ETH/BTC pair has now broken above the 50-week moving average and is still climbing, with ETH representing the risk appetite of the cryptocurrency market. The Russell 2000 index has also broken out, representing the risk appetite of the stock market. Additionally, the printing press has been activated, with the Federal Reserve shifting to quantitative easing policies earlier than expected.He stated that Bitcoin sellers will soon disappear, and a massive chase trading is about to begin.

CryptoQuant founder and CEO Ki Young Ju stated that Bitcoin whales have been continuously selling billions of dollars since the price reached $100,000. He mentioned that he had judged the bull market cycle to be over at the beginning of this year, but it was postponed due to the inflow of funds from MicroStrategy and Bitcoin spot ETFs.If these buying pressures fade, the market may once again be dominated by sellers. Currently, selling pressure remains heavy, but if the macro outlook stays strong, this may be an opportunity to accumulate at lower prices.

ChainCatcher news, CryptoQuant analyst Axel posted on social media that since July 31, traders have started to actively close long positions, and a significant sell-off has occurred in the futures market over the past 24 hours: when the price dropped to a local low of $112,000, the 6-hour net buying volume fell to an extreme level of -$175 million, reflecting the strong stance of the bears.As the market has partially stabilized, the pressure on this indicator has reduced to -$78 million, with the negative gap narrowing by 2.2 times, but the overall market imbalance still leans towards the bears. The open interest in the past 24 hours has increased to the range of $3.04 billion, with sellers continuously accumulating positions, attempting to take advantage of the bearish sentiment in the market.

ChainCatcher message, the founder of the over-the-counter trading platform STIX, Taran, posted on X: "I have received contacts from a dozen WLFI sellers (holding 7 to 8 figures) who hope to sell over-the-counter at any price above cost, but there are very few buyers..."

ChainCatcher news, according to Jinshi reports, data and analytics company Ortex Technologies shows that from April 2 to Monday, short sellers targeting U.S. companies made a paper profit of $127 billion.The data indicates that from the beginning of 2025 to Monday, the short selling profits against U.S. companies with a market capitalization of $1 billion and above amounted to $189 billion.

ChainCatcher news, according to Crypto.news, based on CryptoSlam data, the NFT trading volume in the past 7 days has dropped to $112.7 million. This is a decrease of 35.15% compared to the previous week. However, market participation has significantly increased, indicating that despite the lower overall value, interest from new traders is rising. The number of NFT buyers surged by 624.41% to 203,994; the number of NFT sellers increased by 519.61% to 158,805; and the number of NFT transactions slightly decreased by 1.41% to 1,443,007.Ethereum network trading volume decreased by 41.25% to $56 million, while the number of buyers rose by 81.43% to 30,598. The Mythos Chain network ranked second with a trading volume of $13.9 million, an increase of 4.66%. The Solana network, despite a 32.56% decline, maintained its third position with $11 million. The Polygon (formerly MATIC) network performed strongly, ranking fourth with a trading volume of $8.1 million, an increase of 10.76%. The Bitcoin network fell to fifth place with a trading volume of $6.7 million, a decrease of 71.42%.The best-selling NFTs of the week are as follows:Uncategorized Ordinals #8912771: $7,749,449 (80.1296 BTC)CryptoPunks #2550: $331,955 (125 ETH)CryptoPunks #793: $146,683 (53.5 ETH)CryptoPunks #9634: $128,988 (47.5 ETH)CryptoPunks #9701: $122,883 (45 ETH)

According to ChainCatcher news and reported by Blocworks, the latest compilation of internal stock sales from about 60 companies in the 2024 S&P 500 index shows that approximately 500 insiders, executives, investors, and other major shareholders reported selling a total of $36.9 billion in company stock.Among them, four crypto executives' sales amounts made it into the top 25.Coinbase CEO Brian Armstrong ranks eighth with $636 million, while MicroStrategy CEO Michael Saylor ranks thirteenth with $410.8 million.Coinbase co-founder Fred Ehrsam ranks 22nd with $203.8 million, which includes the COIN shares sold by his trust and the sales from the fund Paradigm. Following Ehrsam is Coinbase COO Emilie Choi, with a sales amount of $186.4 million. These amounts place Coinbase seventh on last year's internal sales leaderboard (at least among the analyzed companies).