Bitcoin reclaims $73,000 as selling pressure hits multi-month high

Bitcoin rose 0.7% to $73,000 on May 29 after a $72,500 intraday dip, while selling pressure hit a multi-month high, analyst J.A. said.

Data from Arkham Intelligence showed Strategy, the largest corporate Bitcoin holder, deposited 411.48 BTC worth about $30.3 million into Coinbase Prime, its first major on-chain transfer to an exchange in nearly two years. The deposit fueled speculation that the firm may be preparing to sell or hedge part of its 843,738 BTC hoard, valued at more than $62 billion.

The selling pressure extended beyond Strategy. Spot Bitcoin ETFs recorded roughly $1.26 billion in weekly outflows in mid-May, the heaviest of 2026, while Jane Street slashed its Bitcoin ETF holdings by about 70% in the first quarter. Yet whale wallets moved in the opposite direction, accumulating 270,000 BTC worth roughly $23 billion in the 30 days through April 20, the largest such stretch in over a decade, according to Glassnode.

The divergence between institutional selling and whale accumulation leaves Bitcoin at a critical juncture. A break above $73,500 could trigger short covering toward $76,000, while a failure to hold $72,000 would open a path to $68,000. The next major catalyst is the Federal Reserve's June meeting, where prediction markets price a 90% probability of a rate hold, with JPMorgan projecting no cuts through all of 2026.

Whale Accumulation vs. Institutional Caution

The 270,000 BTC accumulated by whales in 30 days represents the fastest pace of large-wallet buying in over a decade, according to Glassnode data. The buying coincided with Bitcoin's decline from its October 2025 all-time high of $126,000 to current levels near $73,000, suggesting sophisticated investors are treating the drawdown as a buying opportunity rather than an exit signal.

Exchange reserves have fallen to a seven-year low, meaning less Bitcoin is available for purchase than at almost any point in the last decade. Long-term holders are not selling, and the 2028 halving is already on the radar of serious investors, further tightening supply.

What to Watch Next

Bitcoin's open interest fell 2% in the past 24 hours, while funding rates shifted to neutral, according to Coinglass data. Over $200 million in liquidations occurred across the market, predominantly in long positions. The Crypto Fear & Greed Index remained in "Fear" territory, a reading that has historically preceded significant rallies when accompanied by whale accumulation.

This article is for informational purposes only and does not constitute investment advice.