Bitcoin sell pressure eases as spot ETF inflows return

On-chain data: Bitcoin sell pressure easing as Bitcoin spot demand recovers

On-chain readings point to weakening Bitcoin sell pressure alongside a gradual recovery in spot demand. The shift appears in market microstructure metrics that track the balance of aggressive selling versus buying and the availability of supply on exchanges.

Based on data from Glassnode, spot trading volume is rising and the net buy–sell imbalance has pushed above upper statistical bands, a pattern consistent with a reduction in sell-side pressure. Historically, such transitions have aligned with phases of price stabilization, though confirmation typically depends on broader participation and persistence in spot flows.

Why easing sell pressure and rising spot bids matter now

Lower sell pressure reduces the amount of coin supply hitting bids; when spot bids firm, markets can absorb liquidity with less slippage. This can temper downside follow-through during retests, but its durability depends on participation breadth and the strength of cash-market demand.

One institutional flow proxy watched by analysts is the premium between U.S.-facing venues and offshore peers, together with net creations in spot ETFs. “Bitcoin spot demand is growing for the first time since late November. The Coinbase premium index climbed from deeply negative to about 0.05, suggesting institutional participation is picking up,” said Julio Moreno, Head of Research at CryptoQuant.

Balancing the improvement, Illia Otychenko, Lead Analyst at CEX.IO, cautioned that declines in both futures and spot volumes, about 44% and 50%, respectively, imply participation remains subdued, so the demand recovery could be fragile. If volumes fail to rebuild, easing sell pressure alone may not sustain momentum.

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Coinbase Premium Index and spot ETF inflows signal U.S. demand

The Coinbase Premium Index compares prices on a major U.S. venue with offshore markets; positive readings indicate stronger U.S. spot bids relative to peers. Movement toward positive territory aligns with a backdrop of thinner sell-side liquidity, reinforcing the microstructure shift seen on-chain.

U.S. spot Bitcoin ETFs have recently recorded net inflows after a period of contraction, rebuilding part of the institutional bid. Sustained spot etf inflows can absorb circulating supply and complement on-chain signs of easing sell pressure, though continuity of these flows remains the key test for durability.