PANews reported on May 26th, citing Cointelegraph, that Bitcoin researcher Axel Adler Jr. pointed out that recent net inflows into exchanges increased by approximately 18,000 Bitcoins, while net outflows from spot ETFs reached approximately 16,000 Bitcoins, resulting in a combined selling pressure of about 34,000 Bitcoins. Glassnode analyst cryptovizart noted that daily ETF trading volume has fallen from over $50 billion by the end of 2025 to below $20 billion, indicating weakening speculative demand.

Derivatives data shows that the recent rebound was primarily driven by short covering, with Bitcoin open interest falling from approximately 268,000 to 250,000. Analyst Rei Researcher points out that the daily funding rate has been negative since February 2026, indicating that shorts are still paying for long positions. Glassnode data shows that price momentum has decreased by 21.7%, while the difference between spot and perpetual contract cumulative volumes has increased by 77.2% and 35.5% respectively, suggesting that selling activity is beginning to ease. Analysts say that Bitcoin needs new spot demand to absorb supply in order to move towards $80,000.