Bitcoin plunged below $73,000 amidst macroeconomic concerns. Tight credit conditions, $38.5 trillion US debt, and 4.28% Treasury yield are causing market volatility. Despite rising whale inflows, onchain profit-taking is slowing down. Credit spreads are compressed, indicating underpriced risk. Historical data suggests a three-to-six-month delay before BTC prices respond to credit market stress.

Whales and mid-term holders have moved significant amounts of BTC to exchanges. Short-term selling activity has surged, but broader selling pressure is diminishing. Spent output profit ratio (SOPR) dropped to a year-low as Bitcoin hit $73,900. Historical patterns predict an accumulation window post-July 2026 due to rising Treasury yields pressuring credit markets. Long-term sellers seem exhausted, signaling a potential BTC bottom.

Read more at Cointelegraph: Bitcoin’s Next Step May Depend On US Credit And Debt Conditions