Analysis of on-chain data and technical indicators reveals growing pressure on Bitcoin dominance, as major holders are significantly reducing their holdings. CryptoQuant insights, shared by analyst Crypto Rover, reveal a steep decline in the balances held by whales – wallets containing between 1,000 to 10,000 BTC. This selloff is one of the most aggressive seen this year, with its historical track record indicating a signal for potential broader market shifts. While Bitcoin’s market capitalization remains stable at $2.26 trillion, retail and institutional demand could be mitigating some of the selling pressure. However, the decline in whale balances has raised concerns about near-term downside risks for Bitcoin.