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