Bitcoin (BTC) is sending ambiguous signals in exchange flows while the market awaits the meeting of the US Federal Reserve System (Fed). Some analysts see signs of accumulation, others record a reversal toward an inflow of coins onto trading platforms, but everyone agrees on one thing: the market's next big move will likely begin precisely with the Fed's decision.
At first glance the data seem contradictory, but in reality they describe different time windows. Analyst That Martini Guy is looking at the last few days, whereas CryptoQuant analyst CoinNiel records a reversal that occurred on June 16. Together, their observations add up to a single picture of a market in wait mode.
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Signs of accumulation over recent days
According to That Martini Guy, about 5,000 BTC left exchanges over the last 24 hours. At the same time, reserves of the stablecoin USDT began to grow on exchanges again. In his opinion, this looks like accumulation.
The analyst himself is cautious, because it is unclear what is behind these purchases: investors' firm confidence or simply belief that everything will be fine in the long term. There is a difference between these motives, and it is important for understanding the durability of demand.
At the same time, volatility remains relatively low. For That Martini Guy this is a sign that the market is biding its time and does not expect sharp moves before the Fed meeting. He calls the combination of bitcoin outflow from exchanges, an inflow of fresh USDT and compressed volatility a combination that should not be ignored.
Reversal toward inflow and a neutral picture
Analyst CoinNiel draws attention to the change in dynamics on June 16. After several days in which the withdrawal of funds prevailed, the net flow to exchanges (Exchange Netflow) reversed to +1,418 BTC of inflow instead of −3,838 BTC the day before. The price of bitcoin meanwhile dipped slightly.
Source: BeInCrypto
