Bitcoin sellers are giving up their positions: BTC is leaving exchanges, while stablecoins are accumulating.
Selling pressure on the Bitcoin (BTC) market is noticeably weakening, and this is confirmed by several independent on-chain indicators. An analysis of flows on the largest trading platforms, conducted by me based on data from leading platforms, points to a significant reduction in the supply available for sale. At the same time, the price of the first cryptocurrency is holding near the $62,000 mark, creating an intriguing picture for further movement.
Average investors stop sending coins to exchanges
A key signal comes from the behavior of mid-sized investors. On June 19, the inflow of bitcoins from this group to platforms such as Binance, Coinbase, and Coinbase Prime synchronously declined. On Binance, inflows amounted to about 3,500 BTC, on Coinbase — nearly 3,000 BTC, and on Coinbase Prime, the figure dropped to approximately 1,700 BTC, closely approaching the low recorded on April 4.
A synchronous decline in inflows across multiple exchanges is an important marker. Typically, transferring coins to trading platforms is seen as preparation for a sale or profit-taking. The current dynamics suggest that this group of market participants is now less inclined to engage in large-scale sell-offs. This does not mean new demand has emerged, but it significantly reduces the risk of a mass dump from their side. If the trend continues, it will be much easier for Bitcoin to hold its current positions near $62,000.
Global accumulation versus US caution
An additional slice of the picture is provided by the analysis of flows on Binance. Over the past seven days, the exchange has recorded an average daily outflow of more than 1,200 BTC, and on June 15, as many as 5,239 BTC were withdrawn from it. At the same time, the inflow of stablecoins to the same platform has noticeably increased — averaging up to $154 million per day.
This combination points to a classic scenario: global market participants are moving Bitcoin to self-custody, while free liquidity in stablecoins accumulates on the exchange. As a result, the supply available for immediate sale is shrinking.
However, the US market presents a different picture. The Coinbase Premium Index, which compares the price on the American platform with global exchanges, is consistently in negative territory. This indicates that investors from the States are cautious and inclined to sell on the spot market. The derivatives market is also frozen in indecision: funding rates have dropped to zero or slightly below.
Historically, the accumulation of liquidity in stablecoins, along with the outflow of Bitcoin from exchanges, has preceded a price increase. However, as long as selling pressure persists on Coinbase, this potential may remain unrealized. A reversal is possible if the Coinbase Premium Index moves into positive territory.
Cryptalist analyst's conclusion
Despite different perspectives, both sets of data converge on one point: one of the main sources of potential sales is gradually drying up, creating favorable ground for a possible rise in the BTC price. Nevertheless, the key catalyst for a sustained reversal will be the emergence of new demand, primarily from the US market. As long as American investors remain cautious, the market stays in a state of fragile equilibrium, where any external shock could disrupt the balance. I believe the current configuration is the calm before the storm, and the direction of the next impulse will be determined precisely by the actions of institutional players from the US.