Following Wednesday’s FOMC decision to keep key interest rates unchanged, Bitcoin (BTC) continues to see-saw in the low $60,000 price range. As of Thursday, the top digital asset is exchanging hands at roughly $63,900, down a modest 0.6 percent in the past 24 hours.
Bitcoin NVT prints golden cross
According to data received on Thursday, the Bitcoin network value to transfer (NVT) has flashed a golden cross. Before understanding the implications of this golden, it is first important to know what NVT actually means.
For the uninitiated, the NVT refers to an on-chain metric that compares a cryptocurrency’s market capitalization to the value of transactions processed on the blockchain, and is used to assess whether an asset appears overvalued or undervalued relative to its network activity.
In the same vein, a golden cross appears when the short-term network-value-to-transactions ratio crosses above its long-term trend, historically associated with undervaluation relative to on-chain activity.
Over the past week, the golden cross has surged by 34.7 percent, and a massive 429 percent versus its 90-day baseline – reaching 0.36.
A rising NVT Golden Cross typically suggests transaction throughput is outpacing price – a setup that has preceded recoveries in prior cycles, though it is not a standalone timing tool.
Another metric worth focussing on is the violent back-and-forth in the Binance netflows. On Tuesday, the exchange saw a sharp outflow of -5,124 BTC, only for the flows to reverse course the following day with an inflow of +1,109 BTC.
Such rapid reversals suggest short-term change in position, rather than a clear accumulation or distribution trend, adding noise right when the valuation signal is turning constructive.
Funding rates remain flat
Meanwhile, the Binance BTC funding rates sit flat near 0.00 to 0.01, showing that there is no leverage-driven distortion. In the same vein, Coinbase Premium has come down to -0.11, its weakest reading in about 2 weeks.
This points toward cooling US spot demand rather than aggressive buying. It tracks with Wednesday’s data that showed that July 2026 is the quietest month since 2023 in terms of BTC spot volume averages.
Similarly, exchange data points toward weakening BTC buying power. According to Monday data, Binance stablecoin outflows recorded a fall of 315 percent.
