Bitcoin has fallen below the 60,000 USD mark, but selling pressure has not yet fully reflected all developments in the market.
Existing data shows the BTC spot price on the exchange is still holding up, while open contracts have fallen to a lower level than the 2025 peak. This makes this pullback different from prior phases of strong volatility driven by excessively high leverage.
MAIN CONTENT
Bitcoin is trading around 59.5K USD after losing the 60K USD level.
Netflow of BTC to exchanges remains positive, at around 2.6K BTC.
Bitcoin open interest has fallen to nearly $20.6 billion, much lower than the 2025 peak.
Bitcoin has lost the $60,000 zone
Bitcoin is hovering around $59.5K after breaking through the $60K level, and the previously held support zone at $63K has not held in the short term either.
This downswing suggests the short-term trend is still weak. However, derivatives data and exchange inflow data indicate the market has not fully shut down.
Source: Cryptoquant
Bitcoin inflows to exchanges are still positive
Net BTC inflow to exchanges is still positive, around 2.6K BTC, meaning the amount of coins deposited to exchanges is still greater than the amount withdrawn.
This pattern often suggests that investors are still holding BTC for selling, hedging, or active trading. In a weak price environment, this is a sign that selling pressure has not disappeared.
Source: Cryptoquant
Open contracts have fallen to around $20.6 billion
Bitcoin open interest has retreated from the 2025 peak and is still close to $20.6 billion at the time of reporting.
This indicates that leverage has cooled down compared to the previous period. When leverage is lower, the risk of a large-scale liquidation cascade also decreases, even though volatility remains.
Large trading volume often shows up at turning points
Sharp increases in trading volume usually appear around key reversal points, rather than after the trend is already clear.
In previous cycles, spot trading volume was usually tied to real coin movement—accumulation, distribution, or forced selling. In the current cycle, the derivatives market appears to play a bigger role.
A sudden spike in volume doesn’t necessarily mean the trend will reverse immediately, but it’s a signal worth watching while Bitcoin price remains in an uncertain range.
Bitcoin has not entered a “freeze” state yet, but the market is slowing down and has less leverage than before. Investors can continue to monitor spot flows, ETF activity, and derivatives positions in the $59K–$60K area.
Summary
Bitcoin has lost the $60,000 milestone, while BTC inflows to exchanges are still positive and open interest has fallen to around $20.6 billion. This backdrop suggests the market is weaker, but there is no sign of a liquidation event driven by overly hot leverage yet.
Source: https://tintucbitcoin.com/bitcoin-giam-60-000-usd-du-lieu-noi-gi/
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