The Bitcoin (CRYPTO:BTC) rose above $71,000 after an improvement in the geopolitical climate, but blockchain data suggests the market remains cautious rather than bullish. (CRYPTO:BTC)
Data from CryptoQuant shows that exchange reserves on major platforms such as Binance and Coinbase remain well below their levels from early 2025 – a continuing trend of Bitcoin being removed from exchanges rather than positioned for sale.
Coinbase is often seen as an indicator of US institutional activity and has seen its reserves decline from around 980,000 BTC to around 860,000 BTC.
Binance’s reserves have had a more cyclical trend but also remain below previous highs, without significant rebuilding despite recent price weakness, further supporting the general trend of supply leaving exchanges.
Data from CryptoQuant also shows that net exchange flows remain slightly negative, with persistent outflows since February, interrupted only by brief spikes in entries. In the event of a true market collapse, sustained inflows would signal increasing selling pressure as investors prepare to liquidate.
Instead, continued outflows suggest that holders are choosing to keep their assets off exchanges, reinforcing the idea that the market is defensive but not in a state of panic.
The data indicates a cautious but resilient market. If macroeconomic uncertainty persists, the absence of significant selling pressure indicates that investors are holding on to their positions rather than exiting, limiting near-term downside risks.
This article was written in English and translated into French by an AI. For correction requests, please contact corrections@benzinga.com.
