According to ChainCatcher, 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 Many Bitcoins are being withdrawn from trading platforms, and the stablecoin impulse releases a warning signal.

Cryptocurrency market volume has fallen to $50 billion, and funding rates are only slightly positive. 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 could kick off a global rate-cutting cycle, providing a blueprint for the Fed, while U.S. 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 a price increase. In the past month, 88,000 Bitcoins have been moved off exchanges, leaving 2.5 million Bitcoins, the lowest since March 2018. The outflows from exchanges began on May 15, 45 days after the quarter-end 13F filing requirement for U.S. registered investors managing more than $100 million.