Bitcoin Price Defended by Spot Volumes Amid ETF Selling Pressure

A significant increase in Bitcoin ETF selling has resulted in a decline in the cryptocurrency's price, with BTC falling to $72,500. However, Cointelegraph analysis reveals that spot volumes have been kicking in to defend the $70,000 support level.

The aggregated spot volumes data shows that while there are some buying activities, they are not dominant enough to counteract the selling pressure. This is evident from the BTC/USDT aggregated spot volumes chart, which indicates a significant drop in trading activity.

Open interest heatmap data, on the other hand, suggests that nearly $300 million of open interest is concentrated in the price range of $73,000 to $74,000. This could indicate that traders are opening new leveraged long positions in this area.