Analysts: Bitcoin’s panic selling may be nearing an end, with marginal selling pressure drying up.

Multiple market analysts believe Bitcoin’s months-long panic selling may be drawing to a close, as marginal sell orders in the market gradually dry up. Jasper De Maere, an over-the-counter (OTC) trader at Wintermute, noted that despite recent escalating U.S.-Iran tensions and strained conditions in the Strait of Hormuz, Bitcoin has held firm above $62,000, indicating that previous “weak hands” sell orders have largely been cleared. Additionally, U.S. spot Bitcoin ETFs posted a net inflow of $197.4 million last week, ending eight consecutive weeks of net outflows, further easing selling pressure. Nexo analyst Dessislava Ianeva cited Glassnode data, pointing out that Bitcoin’s spot market saw an average daily net sell of around 2,000 BTC in June, which fell to roughly 53 BTC in July, marking one of the calmest months for the market since 2026. However, analysts warned that Bitcoin’s current rally is primarily driven by the derivatives market, with spot buying remaining relatively weak. The upcoming release of U.S. June CPI data and Congressional testimony by Federal Reserve Chair Kevin Warsh this week could still serve as key catalysts shaping market movements.