Bitcoin drops toward $68,000 as demand weakens and whales sell
CoinDesk
Bitcoin is sliding toward $68,000 due to weak demand, whale distribution, and a fragile market structure vulnerable to sharper declines.Summary
Bitcoin has slipped toward $68,000 following repeated failures to sustain momentum above $70,000. Market data from Glassnode and Caladan indicates that current price levels are supported by thin demand and limited onchain participation rather than robust accumulation, with large holders continuing to distribute their assets.
The market’s fragility is exacerbated by a negative gamma setup below $68,000, which threatens to trigger forced selling by market makers if prices drop further. Options data and sentiment on platforms like Polymarket suggest that investors are increasingly hedging against downside risk, bracing for potential volatility that could pull prices toward the $60,000 level.
(Source：CoinDesk)