$BTC Slides to $61.4K as On-Chain Metrics Confirm Bearish Regime Shift

Bitcoin [ $BTC ] dropped to a local low of $61.4K, down 3.9% over the past 24 hours, as on-chain and derivatives data pointed to a sustained shift in market structure. The decline extended a two-week slide that has drawn in spot ETF outflows and short-term holder capitulation, with AMBCrypto previously warning that a cascade of long liquidations could hit the market given the heavy selling pressure already in place.

Among the corporate developments, Strategy announced a sale of 32 $BTC, its first since 2022. The disposal came as exchange flows reversed sharply, according to analyst Darkfost, who noted on X that weekly $BTC movements had shifted from a 2,500 $BTC outflow in April to a 2,410 $BTC inflow more recently, a sign of heightened selling pressure.

Crypto analyst Axel Adler Jr. tracked the downturn through his impulse performance metric, which carries a fast and a slow component. Both readings turned bearish over the past two weeks, with the fast impulse near -90 and the slow impulse at -59. The current regime has been firmly bearish, Adler Jr. said, adding that the slow impulse would need to climb back into positive territory to signal a regime shift.

Demand-side indicators reinforced the bearish picture. Since March, aggressive buyers had kept the 30-day net taker volume in positive territory, but the histogram recently turned negative. The relief rally had been fueled by hopeful buyers, but this demand has since been exhausted. Separately, the Coinbase Premium Index fell in recent weeks, reflecting reduced willingness from U.S.-based investors to pay a premium for $BTC.

Taken together, the falling Coinbase Premium, the bearish net taker volumes and the slow impulse metric's negative reading aligned with a higher-timeframe downtrend. The combination of weakening demand, rising exchange inflows and the first Strategy sale since 2022 framed the move lower as a regime shift rather than a routine pullback.