CryptoQuant Analyst Says Bitcoin Futures Turn Seller-Dominated as CVD Shrinks 70% Since July 7

Bitcoin’s futures market has been dominated by sellers since July 7, according to CryptoQuant analyst Axel Adler Jr., as cumulative volume delta (CVD) sharply contracted alongside a price decline. According to ChainCatcher, Adler said CVD fell nearly 70% in two days, shrinking from +$800 million to +$230 million, while Bitcoin’s price dropped from about $64,000 to $62,000 over the same period. He noted a brief buying pulse on July 8, when two consecutive hours recorded +$22 million and +$48 million in buy pressure. However, the price stayed nearly flat around $62,100 before a $92.7 million wave of selling erased the move within a single hour. Adler said CVD remaining positive suggests buyers still hold a cumulative advantage since the start of the month, but the speed of the contraction and the simultaneous price decline indicate momentum has shifted to sellers. He added the move does not resemble a panic-driven flush, but rather a sustained rotation in capital flows. He said a drop of CVD below zero would indicate sellers have not only taken control of current flows but also fully erased buyers’ accumulated advantage, confirming a more persistent bearish setup. Adler added that the $62,000 area has now become a resistance zone rather than a demand support level.