Are Exchange Bitcoin Flows Pointing to a Bull Run?
As the summer doldrums continue with BTC stuck in the $30,000 to $40,000 range, on-chain data paints an evolving story following the spring downturn. BTC on exchanges have seen net outflows for the last 19 days on a 30-day basis, a reversal from inflows in May and June. Furthermore, the hash rate, a barometer of the network's security, has stabilized, indicating miners are coming back online. The BTC futures perpetual funding rate has recently been close to neutral, indicating traders are not heavily positioned one way. Combined, these indicators suggest investor appetite for Bitcoin may be returning.
Exhibit 1. Exchange Net Bitcoin Flows, Rolling 30D Basis