Analysis: Bitcoin plunges $5,000 within days, three signals indicate selling pressure may intensify further

According to some industry media reports, Bitcoin dropped from $82,000 to $76,800, a decline of about 6%. However, market data suggests this drop may not be a conventional correction. Three signals behind this decline indicate market concerns about a deeper price drop. First, ETF outflows are accelerating: since May 7, US spot Bitcoin ETFs have seen outflows of over $1.5 billion, with $648 million withdrawn in a single day on Monday, the highest since January 29.

Secondly, aggressive selling occurred in both spot and futures markets: Glassnode data shows the cumulative spot trading volume difference dropped from $16.9 million to negative $126.2 million, and the cumulative perpetual contract trading volume difference fell to negative $368.5 million, indicating sellers proactively dumped in both spot and futures markets. In addition, hedging demand has increased: Glassnode analysts stated that the 25-delta skew of options rose from 10.9% to 14.4%, indicating that option market participants believe downside risk has increased.

Vikram Subburaj, CEO of India's Giottus exchange, said the first support level is near $76,000, followed by the $74,000–$75,000 range. If this area is breached, it could trigger a deeper correction.