In particular, the exchange's deposit/withdrawal ratio and cumulative trading volume delta (CVD) indicate a change in investment sentiment, with emphasis on the possibility of a rally to new highs in the second half of 2025.
According to CryptoQuant, an on-chain data platform for cryptocurrencies, the monthly outflow/inflow ratio of Bitcoin is
The ratio, or the "ratio," has fallen to 0.9. This is close to the bottom of the 2022 bear market, and historically, when this indicator falls below 1, long-term holders have been known to withdraw Bitcoin from exchanges.
When this ratio exceeds 1, selling pressure increases and is often associated with short-term highs, while when it falls below 0.9, it indicates a long-term bull market.
There is precedent for this reversal, notably when Bitcoin bottomed out near $15,500 in December 2022 and began a long-term upward reversal, at the same figure.
There is a high possibility that a similar pattern will be repeated this time around, suggesting that the $100,000-$110,000 range is forming as a new support (bottom).
According to reports, over the past 45 days, Bitcoin prices have remained at between $100,000 and $110,000 despite an increase in short positions on the Binance derivatives market.
It has remained stable. This indicates that there has been an attack of short positions in that the cumulative trading volume delta (CVD) has been continuously negative (-), but the price
The fact that the price hasn't fallen means buyers are absorbing it. This structural strength is also evident in the activity of institutional investors.
According to tunn, 19,400 BTC (about $2.1 billion) was transferred to an institutional investor address on the 8th from a wallet that had been inactive for 3-7 years.
Movements in the stock market are usually the result of strategic positioning rather than impromptu trading, and are likely preparations for a medium to long-term bull market.
2025/07/09 14:32 KST
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