Bitcoin’s most recent rally has sparked investor conviction rather than the sort of panic selling seen in previous bull cycles.
Key on-chain metrics show a surprising trend: major holders aren’t moving their crypto to exchanges despite prices hovering just below all-time highs.
The Confidence Signal
According to a July 23 post by CryptoQuant analyst Arab Chain, the Bitcoin Flow Pulse (BFP) indicator shows an unusually low volume of BTC heading to exchanges, even after the cryptocurrency hit a record $123,091, per CoinMarketCap, indicating a strong belief in the sustainability of the uptrend.
Historically, spikes in BTC flowing into exchanges were usually signs of the intent to sell, increasing readily available supply, and often foreshadowing price drops. Arab Chain interpreted the absence of such a spike now as a bullish signal of strong hands holding firm.
Bitcoin’s price journey reflects this tug-of-war between confidence and caution. While the asset is up 16.2% over the past
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