Bitcoin (BTC) Faces Selling Pressure as Spot Volume Delta Dips $300M in 3 Days

Bitcoin's (BTC) price dropped under $93,000 on April 30, after the US Gross Domestic Product (GDP) data revealed a -0.3% contraction in Q1.

The U.S. Gross Domestic Product (GDP) contracted by 0.3% in Q1, according to the "Preliminary" reading from the Bureau of Economic Analysis (BEA). The reading came in lower than the +0.3% that economists had anticipated, signaling a slowdown in the world's largest economy.

The GDP Price Index (PCE) also known as inflation, came in at 3.7%, the highest since August 2023. Economists were expecting a reading of 2.3%, a slight increase from Q4 2024’s level of 2.2%.

After the bleak GDP report, Polymarket odds of a recession in 2025 rose to 67%. Moreover, the University of Michigan’s gauge of consumer confidence dropped to 50 in April, reaching its lowest point since May 2020.

The report also showed that PCE inflation, a preferred measure used by the Federal Reserve, came in at 2.3% in March. Economists had been expecting a reading of 2.2%, and it follows a reading of 2.5% in February.

Core PCE, which excludes volatile food and energy prices, dropped to 2.6% in March. Economists had anticipated this reading. However, February’s Core PCE was revised from 2.8% to 3.0%.

Is short-term bearish, long-term bullish for Bitcoin?

During the 2020 COVID-19-induced market crash, BTC initially followed traditional markets before rallying over 300% by year-end as the global M2 money supply increased, reflecting its appeal during periods of monetary expansion.

However, stagflation, highlighted by the -0.3% GDP contraction in Q1 2025 and a 3.7% GDP Price Index, poses short-term risks for BTC. High inflation usually deters retail crypto investment, as seen in 2022 when BTC fell 60% amid Federal Reserve interest rate hikes.

March 2025 PCE inflation data suggests cooling price pressures, which could reduce urgency in Fed rate hikes and support Bitcoin. But February’s upward revisions (headline PCE from 2.5% to 2.7%, Core PCE to 3.0%) keep the outlook mixed.

Bitcoin faces $300 million in spot selling pressure

Bitcoin’s spot volume delta dipped over $300 million over the past three days on April 26-29, signaling potential sell-off pressure for BTC around the $95,000 level.

According to Glassnode's latest data, the 7-day moving average of BTC spot volume delta recorded negative flows over consecutive days. The negative inflows started to become more apparent.

The crypto analytics firm noted that the lower time frame analysis shows a steeper decline in 1-day volume delta, which measures the differential between buy and sell volume. From April 25 to 26, the 1-day volume delta dropped from $61.5 million in positive territory to $15.3 million in the red.

The 3-day volume delta also shifted from $69.6 million on April 24 to $36.7 million on April 25, before sliding further into negative territory.

Bitcoin sees $300 million in spot selling pressure

Bitcoin’s spot volume delta dipped over $300 million over the past three days, signaling potential sell-off pressure for BTC around the $95,000 level.

According to Glassnode's latest data, the 7-day moving average of BTC spot volume delta recorded negative flows over consecutive days. The negative inflows started to become more apparent.

The crypto analytics firm noted that the lower time frame analysis shows a steeper decline in 1-day volume delta, which measures the differential between buy and sell volume. From April 25 to 26, the 1-day volume delta dropped from $61.5 million in positive territory to $15.3 million in the red.

The 3-day volume delta also shifted from $69.6 million on April 24 to $36.7 million on April 25, before sliding further into negative territory.