Bitcoin gauge tracking selling pressure moves into high-risk zone as BTC ETF demand slumps
The reversal matters because the previous several rallies in bitcoin needed ETF buying to clear the supply coming from miners, long-term holders, and short-term traders taking profit. When that bid thins, the supply has to find a different buyer or the price drops to a level where buyers show up. Swissblocks argument is that the Risk Index, which measures structural selling pressure against absorption, can keep climbing as long as the ETF channel stays in distribution. Bitcoin traded at $75,808 in Asian hours Tuesday, down 2.6% over the past month and sitting near the bottom of its May range. The cryptocurrency had briefly traded above $82,000 earlier in May before the producer price index print and the subsequent run of macro stress pulled it back below $80,000. ETH, XRP, and Solana were all in the red, with Zcash leading the slide at 9% down on the day. The Swissblock reading is the latest in a run of on-chain data pointing the same way. Apparent demand, which measures how much bitcoin the market is absorbing relative to new supply, has slid back to its weakest level since December, as CoinDesk reported Tuesday. CryptoOnchain noted $1.74 billion in U.S. spot ETF withdrawals over the past two weeks









