Bitcoin Sees Extreme Fund Flows for Six Consecutive Days
For six consecutive days, Bitcoin has seen extreme fund flows that historically precede price drops, according to CryptoQuant's on-chain data. During this period, exchange flow pictures revealed that Bitcoin inflows peaked at nearly 50,000 BTC in late June, coinciding with a 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, pushing their reserves up by roughly 40,000 BTC. Peak daily inflows hit 8,800 BTC.
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.