The Bitcoin balance on exchanges hit a new low since March 2018, and this indicator is seen as a sign that whales expect Bitcoin prices to rise. The whales have withdrawn all their Bitcoin from exchanges and pledged it to the chain to get airdrops. They are not in a hurry to sell, waiting for the real bull market to come.
10x Research posted on the X platform that although the price of Bitcoin is only 7% away from its all-time high, traders complain that its trend does not seem to be improving. Many Bitcoins are being transferred out of exchanges, and the stablecoin impulse releases a warning signal.
The trading volume of the cryptocurrency market has fallen to $50 billion, and the funding rate is only slightly positive. Fed policy and inflation data are seen as two key factors that drive Bitcoin to a record high. On June 5, the Bank of Canada may start a global interest rate cut cycle, providing a blueprint for the Fed, while the US inflation data on June 12 needs to show lower data (3.3%) to drive Bitcoin up.
The sharp drop in Bitcoin exchange balances indicates that whales are transferring Bitcoin out of exchanges in anticipation of rising prices. In the past month, 88,000 bitcoins have been transferred out of exchanges, and their balance of 2.5 million bitcoins is the lowest since March 2018. The outflow of funds from exchanges began on May 15, coinciding with the requirement for US registered investors to submit 13F filings 45 days after the end of the quarter for institutions managing more than $100 million in assets. $BTC