Sellers are tiring but buyers are absent. However, leverage traders have already pulled the trigger on a recovery the data does not yet support.
The market is coiled tightly between converging cost-basis levels on the quietest tape since 2019.
Sellers are getting exhausted, but have not reached levels we saw in past bitcoin:native bear markets.
According to the Seller Exhaustion Constant (30d), the historical bottoming signature has not confirmed yet.
We continue to monitor for selling to stall further.
Sellers: In quarter one of 2026, Donald Trump has executed 3500 trades
Ferguson: Almost as many as Pelosi.
Phillip: Objectively, the amount of money is not the same
Ferguson: That’s insider trading