On Wednesday, Bitcoin (BTC) climbed above $66,000 price level for the first time since June 15, giving the bulls a reason to rejoice after a prolonged period of bearish price action. Fresh exchange data shows the likely reason behind the recent surge in the digital asset’s price.
Bitcoin continues to flee Binance
According to exchange data received on Wednesday, Bitcoin Exchange Netflow on Binance is currently hovering in the negative territory – around -1,600 BTC to be precise. It shows that more BTC is being withdrawn from the platform than deposited.
Such exchange dynamics usually indicate that short-term supply pressure on Binance is easing to some extent, as BTC is not being sent to the exchange aggressively for potential selling. Bitcoin showing negative net inflows while it trades around $66,000 makes the development all the more interesting.
In simple words, the timing of the development shows that the market is showing better absorption capabilities than the previous weak phases.
That said, negative netflow does not by itself mean that BTC is poised for a new uptrend. The rising exchange withdrawal must be accompanied by spot demand, volume, and a more stable price structure.
Crypto analyst BATMAN shared the bearish case for BTC. In a Wednesday X post, the analyst shared the following BTC daily chart, noting that the 2 instances that BTC pushed higher, consolidated, and flipped the daily MACD bearish, a major sell-off followed.
The premier cryptocurrency is once again following the same pattern, which could result in another large-scale selling. This time, however, the digital asset can crash all the way down to $54,000, creating a new yearly-low.
Institutions continue to stack BTC
The market is presenting several signals that point toward BTC touching a potential bottom for this market cycle. As a result, institutions are not holding back from scooping discounted BTC in anticipation of future price growth.
On July 6, asset manager BlackRock’s crypto wallet showed that the firm loaded up on fresh BTC and ETH holdings. At the same time, whales – holding 1,000 to 10,000 BTC – continue to increase their reserves despite the more than 50 percent price decline from its all-time high created in October 2025.
