Bitcoin Pulls Back Ahead of $80,000 as Hourly Sell Pressure Reaches $1.35 Billion

Bitcoin pulled back in a short-term correction after heavy selling pressure emerged as it approached the $80,000 mark.

CryptoQuant Quicktake, an on-chain analytics platform, said on April 27 that Bitcoin neared $80,000 before falling about 2.5% and dropping back below $78,000.

The decline was triggered by selling pressure in the derivatives market rather than by any separate macro event, according to the analysis. On Binance, about $1.2 billion of sell volume was dumped in a single hour. Across all exchanges, total selling pressure reached about $1.35 billion.

Analyst Darkfost wrote that Binance still serves as the main platform where major derivatives trading begins.

The current market structure is marked by funding rates that have remained negative for an extended period. The 30-day cumulative funding rate has dropped to about -7%, nearing historically low levels.

That could generate selling pressure in the near term. Over the medium term, however, the structure may be difficult to sustain because an excessive buildup in short positions can later turn into buying pressure during liquidations.

Liquidity conditions are also shifting. About $6 billion in stablecoins flowed into Binance during March and April. In April alone, net inflows totaled about $3.5 billion, contrasting with the previous pattern of roughly $7.6 billion in net outflows.

Darkfost said expanding fund inflows to major exchanges suggest market participants are restructuring positions in preparation for a gradual recovery phase.