22,500 BTC Silently Withdrawn from Exchanges in One Day Without Any Notable Price Fluctuation
Bitcoin continues to be quietly withdrawn from centralized exchanges, with approximately 22,500 BTC removed on a single day in early June, despite a lack of price increase. This significant outflow suggests that large holders are moving their assets to private wallets instead of preparing them for sale.
Analysis from CryptoQuant indicates this is not retail investors' speculative trading but institutions, like ETF providers and custodians, accumulating Bitcoin. The lack of a corresponding price surge could suggest a consolidation phase, with long-term conviction quietly building. While the immediate price action may seem stagnant, the continual decrease in exchange reserves indicates easing supply-side pressure.
This could potentially indicate a setup for future price appreciation as selling pressure reduces. However, the market may face summer turbulence due to potential economic slowdown and political instability.
Why is BTC’s price down?
Bitcoin’s price declined 0.83% to $104,004 in the past 24 hours due to a mix of geopolitical tensions, leveraged liquidations, and technical resistance.
1. Musk-Trump clash triggered $983M liquidations, mostly long positions.
2. Bearish technical signals (RSI divergence, MACD downtrend) pressured sentiment.
3. Spot ETF outflows ($358M on May 29) reduced institutional buying support.
Deep Dive
1. Primary Catalyst: Geopolitical Tensions & Liquidations
The public dispute between Elon Musk and Donald Trump sparked a risk-off sentiment, leading to $983M in crypto liquidations (89% longs) within 24 hours (CoinGlass). Bitcoin’s 3% drop to $101,579 intensified selling pressure, with $114M in long positions liquidated in 12 hours alone.
2. Technical Context: Bearish Momentum Builds
RSI14 at 42.52 (neutral) and MACD histogram at -1,160 signal weakening bullish momentum.
Price rejected at $108,160 (23.6% Fibonacci level), now testing $103,397 support. A break below risks a slide toward $100,000 (TradingView).
Declining exchange reserves (-371k BTC since April) suggest accumulation paused, reducing buy-side pressure.
3. Market Dynamics: Institutional Hesitation
Spot Bitcoin ETFs saw $358M outflows on May 29, ending a 10-day inflow streak (CryptoQuant).
BTC dominance rose to 63.75% as altcoins underperformed, reflecting capital rotation to stablecoins.
Conclusion
Bitcoin’s dip reflects a confluence of macro-driven liquidations, technical exhaustion, and reduced ETF inflows.
While long-term holders (75% of addresses) remain inactive, traders should watch $103,397 support and ETF flow reversals.
Will the $100K psychological level hold if geopolitical risks escalate further?
#MarketPullback
#SaylorBTCPurchase
☕️ GM! Here are the top events in #Crypto from the past 24 hours
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🌟Highlights
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