Bitcoin Chases Range Highs Despite Rising BTC Exchange Inflows

Definition

Bitcoin (BTC) needs fresh spot demand to absorb the rising BTC supply across exchanges and exchange-traded funds. Recent exchange inflows and ETF outflows created nearly 34,000 BTC in local selling pressure, while derivatives data showed the latest recovery was driven mostly by short covering.

Sources

• raw/Crypto/ct-btc-etf-outflows.md