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BTC Price Stagnates at 90K and 97K as US Whales Trigger Selling Pressure in the Market
By: blockchainreporter|2025/05/06 23:16:56
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Looking at the weekly timeframe, Bitcoin (BTC) has maintained a downward movement, registering a 0.3% decrease in the last week. The chart shows that indicators of a potential price correction are emerging on the asset’s movement.U.S. Whales Are Selling? The Coinbase Premium Says It All“Over the past month, the premium recovered significantly, but is now dropping again — aligning with the recent BTC price correction.” – By @abramchart pic.twitter.com/aaqsQyGPCn— CryptoQuant.com (@cryptoquant_com) May 6, 2025BTC shows signs of selling pressureToday’s data from a CryptoQuant analyst highlighted an emerging trend in whale activity, which might affect BTC’s price trajectory. Late last month, Bitcoin whales on Coinbase were making large purchases, bolstering prices upwards. However, data spotted a substantial BTC whale transaction transferring a huge quantity of Bitcoin to Coinbase (as from May 2, 2025), indicating a possible emerging selling activity among US whales. The CPI (Coinbase Premium Index) normally gauges the price difference for BTC between Coinbase and other prominent exchanges. This indicator shows the level of BTC demand, particularly among institutional investors in America, where Coinbase is mainly utilized.Late last month, this indicator signaled increased Bitcoin purchasing pressure on Coinbase, mainly triggered by US institutional investors. However, since May 2, this indicator has flagged huge Bitcoin transfers to Coinbase, suggesting selling intentions by American investors, suggesting cautiousness among these investors. However, these transfers could be meant for other trading purposes or institutional custody activities.Economic concerns quell market sentimentToday, May 6 2025, Bitcoin dropped by 0.4%, placing it value currently at $94,450. Over the past week, the asset fell by 0.4% and maintained its value in a tight range between 90k and 97k. The token has formed a tight range amid heightened market caution over the impact of US tariff on global imports and looming economic crisis amid continuing US trade battle with China.The current price of Bitcoin is $94,450. Bitcoin is once again embroiled in a wider risk aversion as investors worry about a potential US-China trade conflict, signs of economic slowdown, and the Trump administration’s plan for more trade tariffs.Although BTC and altcoins are not openly affected by geopolitical disruptions in trade, their speculative nature puts them at risk of changes in market sentiment, with the industry often experiencing greater volatility than other risky assets.Enthusiasm over a possible US-China trade agreement, together with continued purchasing activity by institutional investors, were the two major catalysts for BTC’s bullishness late last month. However, recent comments from China’s and US’ representatives signalled that serious trade dialogue has not yet started. Also, Trump recently announced plans to introduce trade taxes on pharmaceutical imports in the coming two weeks. The announcement has affected traders’ sentiment.
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