Bitcoin Exchange Inflow Returns After Days of Outflows
Bitcoin saw withdrawal dominance for several days, but today we saw a daily inflow.
Bitcoin’s price is also slightly declining in line with that shift.
Exchange Netflow turned to +1,418 BTC on June 16, moving in the opposite direction from the previous day’s -3,838 BTC outflow.
Funding Rate rebounded from 0.00145 on June 15 to 0.005772 on June 16, and it has remained positive for the past 10 days.
I would interpret this not as an overheated zone, but as a recovery in leverage sentiment.
Open Interest decreased in one day, from around 23.50B on June 15 to around 23.09B on June 16.
Considering that OI had increased by about 5.66% over the past 7 days before today’s decline, this looks more like some position unwinding rather than continuous leverage expansion.
Additionally, looking at the Tether market cap chart attached today, it is hard to say that short-term liquidity has completely disappeared, but it is also difficult to say that strong new buying capital is flowing in.
So, I would view this as neutral.
The key point now is whether Bitcoin continues to leave exchanges, as it has over the past several days.
This is the most important indicator to watch.
Written by CoinNiel
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