Bitcoin’s money flow has been running hot in both directions for six straight days, hitting extremes that, according to CryptoQuant, have reliably preceded price declines during this cycle.
The exchange flow picture
CryptoQuant’s on-chain data reveals that Bitcoin inflows peaked at nearly 50,000 BTC in late June, a surge that coincided with a broader stretch of heightened market volatility.
Binance, the world’s largest crypto exchange by volume, recorded 48 consecutive days of net BTC inflows through early June. That streak pushed the exchange’s reserves up by roughly 40,000 BTC, with peak daily inflows hitting 8,800 BTC.
ETF outflows add another layer of pressure
US spot Bitcoin ETFs experienced massive monthly outflows in June, with estimates ranging from $4.06B to $4.51B pulled from these products. The withdrawals came in waves, with streaks of 9 to 13 consecutive days of outflows punctuating the month.
Whales move against the crowd
Large Bitcoin holders accumulated approximately 270,000 BTC during the ETF outflow periods within a two-week timeframe.
By August and September, whale holdings showed tentative recovery with an additional accumulation of approximately 60,000 BTC. This buying phase coincided with CryptoQuant’s Cycle Momentum indicator flipping bullish for the first time in eight months.