A few on-chain indicators preceded Bitcoin’s (CRYPTO: BTC) negative price action over the last week.

What Happened: According to data from on-chain data platform CryptoQuant, there were three key data changes that came before Bitcoin’s price drop.

The exchange whale ratio measures the top 10 transactions divided by total inflows. The metric, which signals the amount of selling pressure from whales, hit a high of 90%.

In bull markets, this indicator usually stays below 85%, according to CryptoQuant.

The second indicator that signaled a significant amount of sell pressure was a spike in the long-term holder Spent Output Profit Ratio (SOPR), which meant that a number of long-term Bitcoin holders tried to sell the digital asset.

By definition, the metric evaluates the profit ratio of market participants by comparing the value of outputs at the spent time to created time.

The final indicator that implied sell pressure was a fluctuation in the Coinbase Premium Index. Essentially, this means that a majority of the Bitcoin sell pressure came from U.S. institutional investors.

Price Action: As of Monday morning, Bitcoin was trading at $35,000, down 18% in the last 24 hours. Ethereum (CRYPTO: ETH) was trading at $2,400, down 26% over the same period.