Bitcoin’s selling intent hits 10-year low – But THESE 2 metrics flash caution

Since reclaiming $70k, Bitcoin has held above this price level for three consecutive days. Boosted by eased global tension, BTC has shown slight bullish momentum. 

At press time, BTC traded at $71,021 after a slight 0.93% drop on the daily charts. Before this slip, it had been on an upward trajectory, printing two positive weekly candles for the first time in 2026.  

Bitcoin depositing addresses hit a 10-year low

Bitcoin is seeing minimal sell-side pressure, even as broader market weakness persists.

Data from Darkfost showed Exchange Depositing Addresses dropped to a 10-year low, signaling reduced intent to sell. Only 31,000 depositing addresses were active daily, with the annual average near 47,000, levels last seen around 2017.

Historically, such a sharp drop in total Depositing Addresses has occurred during advanced bear market phases. These are periods of prolonged market weakness in which interest in the market has gradually faded. 

As such, most traders have turned to silently avoid the market, awaiting other ideal conditions to reenter. Additionally, Darkfost noted that the prevailing market conditions have failed to incentivize investors to sell their assets on exchanges. 

In fact, the Exchange Supply Ratio [ESR] metric validates this decline in exchange deposits. Looking at the metric, it has dropped to 0.133, hovering near the 2018 low. 

A decline in ESR suggests that most traders, both large-scale and retail, have significantly reduced spending. Such market conditions coincide with periods when selling pressure is progressively exhausted.

Why is BTC still struggling?

Although Bitcoin [BTC] saw fewer Exchange Deposit Addresses, big players, especially institutional investors, had been still selling.

Looking at the BTC Spot ETFs, institutional investors have mostly been selling. In fact, the past 2 days, ETFs have recorded $283 million in outflows.

Bitcoin ETFs have recorded negative net inflows for 9 days over the past 2 weeks, a clear sign of aggressive selling. When large players sell high-value holdings, even a reduced exchange depositing address does little to boost asset performance.

As a result, the momentum has remained strongly bearish. Looking at the momentum (MOM) indicator, it currently sits around -5957.

At the same time, DMI Modified has remained negative since October 2025, validating the trend’s strength. With these momentum indicators heavily weak, it shows that the reduced depositing addresses have not turned into withdrawing addresses.

Thus, most investors have been disengaged, and those who are engaged are selling, thereby substantially stretching the market. Thus, market conditions point to continued weakness.

If the trend persists, BTC will likely drop below $70k again, with $66k as the support. However, if the market feels the impact of reduced exchange inflows, BTC could hold above $70k and eye $74,200.

Final Summary

• Bitcoin is holding above $70k, but the move lacks strong follow-through and conviction.
• Sell-side pressure has dropped sharply, with Exchange Depositing Addresses at decade lows.