Bitcoin short-term holders are moving large amounts of loss-making coins to exchanges, stoking renewed concerns about a near-term selloff.

Cointelegraph reported on June 27 that over the past 24 hours about 50,000 BTC in loss-making positions held by short-term holders moved to exchanges, the largest amount since June 4.

The market shows growing pressure on investors who bought bitcoin within the past 155 days. CryptoQuant analyst Amr Taha said the market value of short-term holders' positions fell to $237.7 billion as of June 26. That was the lowest level since Oct. 2, 2024.

Exchange inflow trends pointed in the same direction. About 50,000 BTC in loss-making positions held by short-term holders moved to exchanges, including about 9,500 BTC that flowed into Binance. Inflows into Binance were also the largest since June 3. That indicates a higher likelihood that new investors will sell in response to price declines.

Long-term holders showed an opposite trend. Bitcoin flowing into accumulation addresses was tallied at 181,000 BTC on June 26, the highest on record. The previous peak was 94,700 BTC in February 2022.

Some interpret the concentration of coins in wallets with little spending history as a sign that long-term investors are absorbing sales from short-term holders. CryptoQuant, however, viewed the latest indicators as figures closer to showing investor stress than signals confirming a market bottom.

Another factor weighing on market sentiment is slowing institutional demand. Market analyst Darkfost noted that the Coinbase Premium Index has been negative for 40 consecutive days since May 15. The indicator compares the bitcoin price difference between Coinbase Advanced and Binance, and a persistent discount on Coinbase is interpreted as meaning selling pressure is stronger among professional investors than retail investors.

U.S. macroeconomic data also weakened expectations for easier monetary policy. The personal consumption expenditures (PCE) price index rose 4.1 percent, above the forecast 4.0 percent, and core PCE inflation rose 3.4 percent, above the forecast 3.3 percent. Gross domestic product (GDP) growth also exceeded estimates at 2.1 percent.

Bitwise assessed that last week's Federal Reserve meeting accelerated a shift to a hawkish stance. It said policymakers removed their easing bias and raised the median forecast for the 2026 policy rate from 3.4 percent to 3.8 percent, extending an unfavorable environment for bitcoin. Bitwise also said outflows continue from crypto exchange-traded products (ETPs), including spot exchange-traded funds (ETFs).

Funding pressures on Strategy, a major bitcoin buyer, are also acting as downward pressure. Strategy has accumulated 174,300 BTC in 2026, and a significant portion is estimated to have been financed through the issuance of STRC preferred shares and MSTR common stock. With related securities prices weakening recently, concerns have emerged that Strategy may find it harder than before to support bitcoin buying.

The bitcoin market has entered a phase where stop-loss selling pressure from short-term holders and accumulation by long-term holders are appearing at the same time. Still, the overlap of weaker institutional demand, continued tightening and funding burdens on major buyers could keep near-term downside pressure in place for some time.

Coinbase Premium Index egative for 40 days while PCE reinforced risk aversion Selling pressure from professional and institutional investors shows no sign of abating, if anything, it has accelerated in recent weeks. The Coinbase Premium Index, which tracks the price… pic.twitter.com/7xjuhodz4P