The outflow of funds from Bitcoin exchanges increased by 172% as pressure from miners decreased and accumulation trends became stronger.
Sentiment and funding rates remain unstable, reflecting hesitation despite favorable structural signals.
This week, Bitcoin (BTC) has stabilized in a technical balance.
The 90-day CVD futures index has become neutral, indicating a balance between long-term and short-term investors. After several weeks of pressure, futures traders seem to have stopped acting.
Additionally, Binance leads the spot market with around 8 million USD depth on both sides, within a 100 USD range. Bitget and OKX follow with 4.6 million USD and 3.7 million USD respectively.
Clearly, the combination of abundant liquidity and consensus levels in futures contracts indicates a market waiting for clear signals.
Are BTC investors accumulating discreetly?
Interesting things have happened here. The outflow of funds from Bitcoin exchanges has increased by over 172% in the past 7 days, while inflows have decreased by nearly 6%. This difference reflects a positive sentiment towards accumulation, as investors are withdrawing Bitcoin from exchanges, which often indicates a reduction in short-term selling intentions.
Historically, an increase in outflows alongside a slight decrease in inflows indicates growing confidence in the long-term value appreciation of BTC.
Why are miners stepping back?
The Puell Multiple has dropped sharply by 37.68%, hovering around 1.00. This index compares the daily Bitcoin issuance with the annual average and often reflects miner profitability.
A value near 1.00 indicates that miners are not under significant pressure to sell their rewards, thus the risk of a sell-off from miners has decreased.
This alleviates one of the major supply pressures. When miners are no longer selling aggressively, BTC may have a chance to regain lost levels—if demand increases steadily.
Is the sentiment too fragile?
Although blockchain signals are improving, BTC sentiment remains slightly negative with an index of -0.12. After a series of strong psychological fluctuations in May, confidence has significantly waned.
Investors appear hesitant in providing a clear direction, possibly due to macroeconomic uncertainties or technical hesitations.
This continuous caution shows that traders are not entirely confident in the current price structure, and optimism remains weak. That is why the bullish setup does not translate into real momentum.
No clear direction
BTC's funding rate, especially on Binance, remains unstable. Positive spikes quickly reverse, turning negative in a short time. This situation reflects that no one is willing to fully invest in the market.
Combined with the neutral CVD futures index, this indicates that leveraged traders are sitting still, waiting for a catalyst. And without enhanced leverage, momentum will stagnate.
Will the next move explode or cool down?
On-chain data and data from BTC's futures sector indicate that the market is in a balanced state, with dense liquidity, strong outflows, and reduced sell-offs from miners—all supporting a positive foundation.
However, sentiment and funding rates remain hesitant, and traders seem to not truly trust any upcoming explosion.
The next move could be strong once influence appears, but until then, the market remains in a waiting state.
Source: https://tintucbitcoin.com/cap-nhat-bitcoin-va-xu-huong-btc-tiep-theo/
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