A Bitcoin ATH in the making? – Here’s why KEY data suggests…

A 40% decrease in coins flowing to exchanges, according to the flow multiple, showed decreased short-term inflows and implied exhausted sellers.

• Bitcoin’s difference in liquidity highlighted increased buying power in the market.
• Lowered BTC inflows to exchanges over the past month hinted that sellers were exhausted.

Bitcoin [BTC] witnessed subdued on-chain activity, though it faced increasing corporate demand. This created a striking divergence between the price action and network metrics.

Miner outflows were below average, which has historically signaled miners’ confidence in a price appreciation. The Coin Days Destroyed metric noted no panic amongst long-term holders, another sign of confidence amongst seasoned holders.

On the other hand, aggressive buying was cooling off, as the falling Taker Buy/Sell Ratio reflected.