Low Bitcoin Exchange Inflows and Miner Outflows Signal Bullish Conviction Near $123K ATH
Bitcoin trades near $117,500 after touching record highs around $123,000. On-chain data from CryptoQuant’s Bitcoin Flow Pulse shows persistently low exchange inflows. Historically, spikes in exchange deposits have signaled major corrections in 2017 and 2021. This year, holders refuse to sell, evidenced by a $200 million BTC withdrawal by whales in a single day. Miner outflows hit 16,000 BTC on July 15, the largest daily profit-taking since April. At the same time, Binance data reveals rising retail inflows and negative net taker volume, pointing to selling pressure among small traders. The contrast between low inflows, whale accumulation, and miner profit-taking highlights strong market conviction. Resistance remains near $123,000, with support at $113,000–$116,000, and a risk of deeper pullbacks to $107,000–$111,000 if key levels fail. While the trend favors a bullish outlook, a sudden spike in exchange deposits could foreshadow a short-term correction.
Bullish
The persistent decline in Bitcoin exchange inflows, despite near-record highs, combined with significant whale withdrawals and elevated miner outflows, indicates strong holder conviction and accumulation. These factors historically precede sustained price appreciation and support a bullish trend. However, increased miner profit-taking and retail selling could introduce short-term volatility, with key levels around $113K–$116K serving as critical support. Overall, the dominance of HODLing behavior and institutional accumulation suggests an upward market bias for Bitcoin.