- This follows a previous period of green dominance and aggressive buying that pushed Bitcoin above $110K in Q2 2025.
- The current market structure mirrors the late 2021 pattern, which was followed by a notable mid-term price correction.
Bitcoin’s spot market activity shows a change in trader behavior, according to Cumulative Volume Delta (CVD) data. The 90-day CVD metric measures the difference between aggressive buy and sell orders across major exchanges. Recent data indicates sustained selling pressure even with Bitcoin trading near $120,000.
The chart reveals distinct phases of market activity. During the second quarter and early third quarter of 2025, green bars dominated the CVD reading. This period coincided with Bitcoin’s price increase from approximately $90,000 to over $110,000. The green wave represented strong buying interest and speculative accumulation.
Current conditions show a different pattern
Red bars now dominate the CVD chart, indicating increased aggressive selling activity. This selling pressure continues despite Bitcoin maintaining elevated price levels. The trend suggests traders are taking profits rather than opening new long positions.
ETHNews analysts note similarities between current conditions and late 2021 patterns. Both periods showed increased selling activity following substantial price increases. This similarity provides context for evaluating potential market movements, though historical patterns don’t guarantee future results.
The CVD data reflects real-time market sentiment through actual trade execution. Neutral periods appear as gray sections on the chart, indicating balance between buying and selling pressure. These phases typically occur during consolidation periods before trend movements.
Latest Trend (Q3 2025): Dominant Sell Pressure
In the final portion of the chart, red bars dominate, pointing to persistent Taker Sell dominance. This sell-side aggression continues even as BTC trades near $120K, which implies that despite the high price, active traders are offloading positions rather than buying into strength.
Transition Zone – Q2 to Early Q3 2025
Prior to the recent red zone, there was an extended green wave, indicating a heavy concentration of market buys that coincided with BTC’s breakout from ~$90K to ~$110K+. That period reflects speculative accumulation through aggressive long entries.
Neutral Band Activity Mid-2025
The gray sections—marking neutral market pressure—occurred during BTC’s short consolidations. These zones usually imply balanced order flow or exhaustion from either side, commonly seen ahead of trend continuation or reversal.
Historical Echo – 2021 Pattern Repeat
The current red dominance mirrors the pattern seen during late 2021, when high prices were met with increased selling activity, followed by mid-term corrections. Although this doesn’t guarantee repetition, the structural similarity is relevant for risk assessment.
Current markets suggest a period of potential volatility as selling pressure continues. Any return to buying dominance would require a shift in trader sentiment and order flow patterns. Market participants monitor these indicators for clues about potential price direction changes.
