Bitcoin CEX Netflows Stay Green as Sellers Shift to Ethereum
Bitcoin failed to secure a close above the $125,000 all-time high and retraced sharply to challenge critical support around $110,000–$112,000. Meanwhile, CEX netflow remains green, indicating ongoing buyer inflows despite heavy selling. Analyst Axel Adler warns that large sellers on centralized exchanges lack TWAP execution strategies, which could amplify volatility and pressure short-term price action. Institutional and whale interest is rotating into Ethereum, driving ETH accumulation and leverage activity as Bitcoin consolidates. Technically, BTC is trading near its 100-day moving average (~$111,600), with the 50-day MA at $116,544 now acting as resistance. A confirmed close below $110,000 could target the 200-day MA near $100,866, whereas a reclaim of $115,000–$116,000 is needed to renew bullish momentum.
Neutral
The netflow data and technical setup present mixed signals. Positive CEX netflows signal ongoing buyer support, yet large sellers and rotation into Ethereum are exerting selling pressure on Bitcoin. Historically, similar capital rotations between BTC and ETH have led to sideways consolidation until a decisive break of key moving averages. The current support at $110,000–$112,000 and resistance around the 50-day MA create a neutral outlook: neither bulls nor bears hold a clear advantage until one side breaches these levels. Traders should watch for a sustained close below $110,000 to confirm a bearish turn or a reclaim of $115,000–$116,000 to validate a bullish resumption.