In June, spot exchanges had net outflows, mainly when Bitcoin traded at 25k-26k. Defending this level was important to maintain the uptrend. Outflows continued in early July but less so due to resistance at 30k-32k. Breaking 32k could lead to 40k this year. Regarding Bitcoin Puell Multiple, it resembles 2019's rally, and we're in a similar value area as in October 2021. The current point in July determines whether we reach 30k-40k BTC. In June, Ethereum had net outflows from spot exchanges, particularly when it dipped to 1650. Now there are inflows after the first week of July, possibly due to Bitcoin focus and anticipation of BlackRock's BTC ETF. Selling Bitcoin and rotating profits into ETH might be a short-term strategy upon ETF approval. Regarding Ethereum inflows/outflows from Coinbase, significant outflows were recorded in 2023, indicating strong buying interest surpassing 2022 levels. Assuming these are large OTC deals, the trend could continue in 2023.
Written by Professor Satoshi
