Bitcoin 'shakes' in the $73,000 range amid $40.8 billion capital outflow... Did whales dump?

▲ Bitcoin (BTC)/AI generated image

Bitcoin (BTC) is facing selling pressure in the $73,000 range, with a capital outflow of $40.847 billion coupled with selling from large whale wallets, amplifying short-term bearish warnings.

According to crypto media outlet NewsBTC on May 30 (local time), on-chain analyst Carmelo Alemán stated in a CryptoQuant Quicktake post that Bitcoin's Realized Cap has decreased by 3.63% since January 19. This indicator fell from approximately $1.12 trillion to $1.08 trillion, with the decrease amounting to $40.847 billion.

The Realized Cap is a metric that measures the total capital invested in Bitcoin by valuing each BTC based on the price at which it last moved on-chain, rather than its current market price. NewsBTC reported that the simultaneous decline in Bitcoin price and Realized Cap is a signal indicating that investors may be withdrawing capital rather than holding it through price fluctuations.

During the same period, Bitcoin's price dropped by over 20% from $92,593 to its current price range. NewsBTC noted that Bitcoin's price has been under continuous selling pressure over the past week, with the leading cryptocurrency trading around $73,400.

Selling by large whales also intensified the bearish pressure. Alemán analyzed that wallets holding over 10,000 BTC appear to have joined the selling trend. These wallets, referred to as "humpback whales," reportedly sold approximately 612,753 BTC between May 11 and May 28, and are currently identified as a major source of spot market bearish pressure.

The large-scale selling coincided with an accelerated capital outflow starting May 14. Alemán explained that during this period, Bitcoin's price dropped by approximately 10.72%, from $82,365 to $73,530. NewsBTC stated that the decline in Realized Cap, increased spot fund outflows, and aggressive whale distribution are creating a bearish outlook for Bitcoin's price in the short term, and stability could quickly return if capital inflows resume into the spot market.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*