According to the recent data:

⚫️Buying enthusiasm for Bitcoin has decreased, as shown by negative Coinbase premiums and reduced leverage in futures positions

⚫️Growth in Bitcoin demand from large investors or whales has slowed, peaking at 12% in late March and now at 6%

⚫️Significant sell-offs by miners have increased supply, weakening price support

⚫️Recent price drop is due to traders opening short positions, anticipating further declines

⚫️Overall BTC balance on over-the-counter platforms has started to rise, reaching its highest level since November 2022