You can see repeated exchange outflows, especially during dips.
That’s not panic selling that’s accumulation. Price hasn’t exploded yet because sellers are still active, but the supply leaving exchanges matters over time.
This looks like a market being slowly absorbed, not distributed at cycle highs.
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$BTC Spot Inflow / Outflow
This one explains a lot of the chop.
You can see repeated exchange outflows, especially during dips.
That’s not panic selling that’s accumulation. Price hasn’t exploded yet because sellers are still active, but the supply leaving exchanges matters over time.
This looks like a market being slowly absorbed, not distributed at cycle highs.