Bitcoin selling pressure is rising from recent buyers. CryptoQuant analyst Amr Taha said that as of June 26, the market value of short-term Bitcoin investors had fallen to $237.7 billion. This metric tracks BTC held by investors who bought within the last 155 days. The reading has now slipped below their aggregate cost basis, leaving many newer buyers with unrealized losses.
Taha said the latest decline in short-term holder market value reflects a market under heavier stress, not a confirmed bottom. A similar setup appeared during the correction in October 2024, and that phase was followed by a reversal that marked an important low for Bitcoin. The current data, though, does not yet point to a fresh bottom. It points to mounting pressure on short-term holders.
About 50,000 BTC moved to exchanges in loss-making transfers
Exchange flow data lines up with that picture. In the last 24 hours, roughly 50,000 BTC from short-term holders was sent to exchanges at a loss, the largest such move since June 4. Binance alone received around 9,500 BTC under the same conditions, the highest level since June 3.
The pattern suggests that newer investors, typically more reactive to price swings, are becoming more active sellers as prices weaken. In spot markets, that kind of transfer behavior can quickly translate into visible supply hitting order books.
Accumulation addresses record 181,000 BTC in inflows
Long-term holders are showing the opposite behavior. On Thursday, accumulation addresses took in a record 181,000 BTC, breaking the previous high of 94,700 BTC set in February 2022. These addresses usually have limited spending history and are commonly treated in on-chain analysis as long-term holding wallets.
The split is clear. Short-term holders are moving coins toward exchanges, while long-term accumulation addresses are absorbing supply entering the market. That does not erase selling pressure, but it does show that distribution from one cohort is being matched by demand from another.
Coinbase discount persists for 40 days as macro data stay hot
Institutional demand also looks soft. Market analyst Darkfost noted that the Coinbase Premium Index, which measures the price gap between Coinbase and Binance, has remained below zero for 40 consecutive days since May 15. A persistent discount on Coinbase is often read as a sign that professional investors are selling more aggressively than retail traders.
US macro data added to the cautious tone. Headline PCE inflation came in at 4.1%, above the 4.0% forecast. Core PCE reached 3.4%, versus an expected 3.3%. GDP was reported at 2.1%, also above estimates. Bitwise said last week’s Federal Reserve meeting accelerated the central bank’s hawkish stance, with policymakers scaling back easing expectations and lifting the median 2026 federal funds rate forecast from 3.4% in March to 3.8%. The firm also said crypto investment products, including spot ETFs, continued to see outflows.
Strategy remains in focus as funding pressure draws attention
Corporate Bitcoin buying is still part of the market narrative, with Strategy at the center. Bitwise data show the company accumulated 174,300 BTC in 2026 alone. About 96,000 BTC of those purchases were financed through STRC preferred share issuance, while 77,500 BTC were backed by sales of MSTR common stock.
According to CryptoQuant, STRC fell from its $100 nominal value to $82.5 during last week’s pre-market session, a 17.5% discount, and then moved closer to $73. The company’s cash reserves have dropped 38% since early 2026. After a $1.5 billion convertible bond buyback, annual dividend obligations rose from $300 million to $1.2 billion, cutting dividend coverage from as long as seven years to just 14 months.