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Crypto

Stablecoin outflows extend to 35th day, drying up money to buy bitcoin

Net stablecoin outflows from exchanges have extended for 35 straight days, an analysis said, signalling weak demand for buying bitcoin. Analyst Axel Adler Jr. said two indicators tracking exchange fund flows are simultaneously pointing to soft demand. Bitcoin traded around $65,000 on July 21, but exchange supply and demand looked less resilient than the price. Stablecoin flows were weaker, with the 30-day moving average net flow falling below minus $100 million, he said.

Crypto

Bitcoin bear market bottom up to 101 days away as loss supply stays above 50 percent

Bitcoin is showing on-chain patterns similar to past bear-market lows, with more than half of supply held at a loss since June 5, according to K33 Research. The firm said previous cycles saw a bottom within as long as 101 days after the loss-held share exceeded 50 percent. This year marks the second-longest such period at 42 days. CryptoQuant also pointed to similar signals, though it put the loss-held share at 46 percent.

Crypto

Bitcoin may not have hit a true bottom, on-chain metrics suggest further decline

On-chain analysis suggests Bitcoin may not yet have confirmed a bear-market bottom. CryptoQuant said its NUPL indicator, which tracks supply profitability, still has room to fall when compared with past bottom signals. Analyst TheChesOnChain said the NUPL 100-day exponential moving average has historically dropped below zero at cycle lows. With Bitcoin just above $63,000, the matching NUPL level is 0.215, implying more downside if past patterns repeat.