10X Research said in a post on the X platform that although the price of bitcoin is only 7% off its all-time high, traders are complaining that bitcoin is stagnant. Many bitcoins are being moved off exchanges, and our stablecoin momentum is a warning sign.
Cryptocurrency market trading volume has fallen to $50 billion, funding rates are only slightly positive, and market interest is not high. Federal Reserve policy and inflation data are seen as two key variables that could push Bitcoin to record highs. Canada's central bank is likely to be the first to launch a global rate cut cycle on June 5, providing a blueprint for the Federal Reserve, while the US inflation data released on June 12 needs to show a lower number (3.3%) for Bitcoin to rise.
The sharp drop in bitcoin exchange balances suggests that whales are moving bitcoins off exchanges in anticipation of higher prices. Over the past month, 88,000 bitcoins have been moved off exchanges, leaving 2.50 million, the lowest level since March 2018. The outflows began on May 15, 45 days after U.S. institutions with registered investments managing more than $100 million filed 13F quarter-end reporting requirements.
10X Research: Federal Reserve policy and inflation data seen as key variables driving Bitcoin to record highs
2024-06-03 03:24:46
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