PANews reported on June 3 that 10x Research published an article stating that traders complained that although the price of Bitcoin is only 7% away from its all-time high, the trend has not improved. Many Bitcoins are being withdrawn from trading platforms, and the stablecoin impulse is sending a warning signal.
Crypto market volume has fallen to $50 billion, while funding rates are only slightly positive. There is no doubt that interest rates are low. Fed policy and inflation data are seen as two key variables that could drive Bitcoin to new all-time highs. On June 5, the Bank of Canada may initiate a global rate cut cycle, providing a blueprint for the Fed, while US inflation data on June 12 needs to show lower data (3.3%) to drive Bitcoin higher.
The sharp drop in Bitcoin exchange balances suggests that whales are moving Bitcoin off exchanges in anticipation of price increases. In the past month, 88,000 Bitcoins have been moved off exchanges, leaving 2.5 million Bitcoins, the lowest since March 2018. Exchange outflows began on May 15, 45 days after the quarter-end 13F filing requirement for U.S. registered investors managing more than $100 million.
