Bitcoin has dropped roughly 6% in just a few days, sliding from $82,000 to around $76,800, but underlying market signals suggest the move may be more than a routine correction.

While the decline follows a strong rally from $60,000 and could appear technically healthy, several key indicators point to growing downside pressure. Together, they signal a market increasingly positioned for further weakness.

One of the clearest warning signs is sustained outflows from U.S.-listed spot bitcoin ETFs. Since May 7, these funds have seen more than $1.5 billion in withdrawals, according to SoSoValue data. Monday alone accounted for $648 million in outflows—the largest single-day total since late January and the second time in a week that redemptions have exceeded $600 million. A similar $635 million withdrawal was recorded just days earlier.

These persistent outflows have erased early-month inflows, leaving ETFs with a net loss of $396 million since May 1. Such consistent institutional selling is atypical for a standard pullback and suggests a more cautious stance among large investors.

Another bearish signal comes from Cumulative Volume Delta (CVD), which tracks whether aggressive buyers or sellers are driving price action. The metric has turned sharply negative across both spot and futures markets, indicating that sellers are actively hitting bids.

According to Glassnode, aggregate spot CVD has plunged from $16.9 million to negative $126.2 million, marking what it described as a “pronounced shift toward aggressive selling.” In perpetual futures, the trend is even more pronounced, with CVD dropping to negative $368.5 million, confirming that derivatives traders are also leaning heavily bearish.

Options market data reinforces this cautious outlook. Demand for downside protection is rising, with put options becoming more expensive relative to calls. Glassnode’s delta skew metric has climbed to 14.4% from 10.9%, signaling that traders are increasingly hedging against further losses.

“When sophisticated participants are willing to pay a premium for downside protection, it typically reflects a lack of confidence that the correction is over,” analysts noted.

Combined with broader risk-off sentiment in traditional markets, these signals suggest the current decline may have further to run. Analysts identify initial support near $76,000, with a stronger demand zone between $74,000 and $75,000.

A decisive break below these levels could open the door to a deeper correction, according to market participants.