BTC Futures CVD Flips to -$500M as Longs Absorb $47M in Forced Selling Near $61K

Bitcoin’s cumulative volume delta (CVD) flipped from roughly $705 million in net buying on Monday to nearly $500 million in futures selling by Wednesday, according to Hyblock data cited by Cointelegraph. BTC trades slightly above $62,000, down close to 2% over 24 hours, as futures traders de-risk ahead of the Federal Reserve’s June meeting minutes and a widening set of geopolitical shocks.

The reversal in positioning is stark. On Monday, futures CVD added about $585 million and spot CVD contributed nearly $119 million as BTC rallied above $64,000. By Wednesday, futures selling accelerated to roughly $500 million while spot added another $86 million in sell volume, per the same Hyblock dataset.

Liquidations skew almost entirely long

Forced selling on Wednesday was lopsided: about $47 million in long liquidations against roughly $4 million on the short side, Hyblock data shows. A large cluster of long positions sits near $61,000, meaning any move into that zone risks a short, sharp acceleration lower as those positions get force-closed.

Bitcoin’s funding rate and open interest both pulled back as traders trimmed exposure, though the week-long streak of positive funding has not broken. That detail matters for desks reading positioning: funding staying positive suggests longs are still paying to hold, even as gross exposure shrinks.

Macro pressure compounds the de-risking

The selloff is not crypto-specific. A profit-taking wave out of Samsung hit Asian equities overnight, oil rose roughly 5% on escalating US-Iran military tension, and US stocks opened lower Wednesday alongside a semiconductor and AI-stock rout. Markets currently price about a 73% probability the Fed holds rates steady at its July 29 meeting, with traders parsing the June minutes for any shift in inflation language.

The Crypto Fear & Greed Index remains in “fear” territory, according to Alternative.me data referenced in the report. Spot flows and BTC ETF buying have kept a bid under the current range and bulls have absorbed dips to $60,000 and below, but the report notes the bulk of recent price action is still futures-driven — a structure that can unwind quickly once conviction fades.

Strategy’s cost basis adds an overhang

Strategy’s recent sale of 3,588 BTC is compounding sentiment concerns since Bitcoin currently trades below the firm’s reported average acquisition price of $74,582. That gap raises the question of whether the largest corporate BTC holder could turn into a recurring seller rather than a buyer-of-last-resort, a dynamic the market has not had to price in during prior drawdowns.

Read more: IBIT Pulls 883.6 BTC From Coinbase Prime, Taking 24H Custody Drawdown to 3,268 BTC