Bitcoin Falls on Profit-Taking Sell-Off·Futures Market Liquidation

Glassnode "BTC On-Chain Data Shows Rise of Sell-Off"
Futures Market Liquidation Hits about $700 Million a Day
Experts "Possible Further Fall After US CPI Announcement"

Bitcoin(BTC) fell on May. 13 due to a massive sell-off and a massive liquidation in the futures market.

Bitcoin, which had surged due to the agreement between the U.S. and China on May. 13, plunged on May. 13 due to profit-taking sales. Glassnode, an on-chain analysis platform, analyzed that the selling of cryptocurrency market is increasing based on the cryptocurrency Relative Strength Index(RSI). RSI is an indicator that sets the relative strength between the upward and downward pressures of a specific asset price and measures the over-purchasing and over-selling of a specific asset.

Glassnod pointed out on May. 12 that a specific wall of hawks existed for $106,000.

The sell-off of profit-taking also caused Bitcoin to adjust. According to data from Glassnode, Bitcoin's futures market liquidation totaled about $700 million as of May. 13.

A big part of the Bitcoin futures market's large liquidation is the long betting liquidation. As of May. 13, long position liquidation was about $484.85 million and short position liquidation was about $214.86 million.

While Bitcoin fell, altcoins also fell more than 3% during the day on May. 13.

◇Bitcoin = Bitcoin price is $102,716 at 4:30 p.m. on May. 13, 2025. The Bitcoin share(dominance) was 62.94%.

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 43.79% and 56.21%, according to the on-chain analytics platform Sigbtc.

When Bitcoin failed to break its record, it was predicted that Bitcoin would continue its adjustment decline for the time being.

Glassnod predicted, "A large sell-off could be announced over the U.S. April Consumer Price Index (CPI) announcement on the 13th, and the adjustment could be longer if Bitcoin fails to recapture the $104,000 level."

◇Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on May. 13 was Kaito(KAITO), up about 8% on the day alone.

Kaito is an artificial intelligence (AI)-based data platform. It aims to build an infofi network in which the value of information is determined by participants, rather than a structure with a lot of revenue and authority like the existing centralized platform.

Kaito aims to establish a fairer, transparent and efficient information distribution channel by providing an open market where creators and consumers based on their own platforms and points systems decide which brands or topics deserve attention and receive a fair share of rewards according to the degree of participation.

The cryptocurrency Kaito is the key currency of the Kaito ecosystem and is used for staking and governance.

◇Fear Greed Index = Digital asset fear-greed index provided by Alternative has entered the 'greed' phase with 70 points. The greed phase is a phase where price volatility and trading volume increase, and the price increases. The government should be cautious about selling products as it is highly likely to form a short-term high.

The cryptocurrency relative strength index(RSI) provided by Sigbtc was 51.9, which was in a 'neutral' state. RSI sets the relative strength between the upward and downward pressure of a particular asset price and is an indicator of a measure of over-purchasing and over-selling of a particular asset.

권승원 기자 ksw@blockstreet.co.kr