According to Golden Finance, 10x Research released a report stating that currently, Bitcoin is close to the top of its range and faces the challenge of breaking through its all-time high. This can be attributed to the Bitcoin halving event on April 20. After the halving, the minting of stablecoins slowed down significantly, and the number of wallets holding more than $10 million in stablecoins decreased. This trend is currently preventing Bitcoin from breaking out to new all-time highs.
A large amount of Bitcoin ($6.75 billion worth) was withdrawn from exchanges over the past month (down 97,000 BTC and close to 100,000 BTC). This record flow was driven primarily by two U.S.-focused exchanges, Kraken (down 55,000 BTC or $3.8 billion) and Coinbase (down 24,000 BTC or $1.7 billion).
