Bitcoin selling pressure gauge enters high-risk zone as ETF demand wanes
A Bitcoin risk index tracking selling pressure has moved into high-risk territory as U.S. spot ETF demand slumped in May, reversing strong accumulation from March and April.
A key Bitcoin risk index tracking selling pressure has moved into high-risk territory, signaling growing bearish sentiment as demand from U.S. spot Bitcoin ETFs weakens.
According to data from Swissblock shared on X Tuesday, U.S. spot Bitcoin ETFs have absorbed only a net 4,500 BTC since the start of the year, a thin figure compared to the robust accumulation that powered the 2025 rally. March and April saw steady inflows that helped lift Bitcoin from lows near $65,000, but May has reversed course with just three days left in the month. Swissblock noted that after strong accumulation in March and April, May has flipped back into distribution, with the Risk Index now moving into high-risk territory while ETF flows deteriorate simultaneously.
For cryptocurrency traders, this shift is significant because institutional demand via ETFs has been a primary driver of Bitcoin's price action. The current divergence between ETF flows and the risk index suggests that selling pressure may intensify, potentially weighing on prices. Live crypto prices and charts on NowPrice show how the market is reacting to these developments. The next key data to watch include weekly ETF flow reports and on-chain metrics such as exchange reserves and whale activity, which could provide further clues on whether distribution continues or accumulation resumes.