What happened?
Binance netflow turned sharply negative as more Bitcoin left exchanges, showing traders prefer to hold rather than sell. On-chain indicators like MVRV dipping below its 365-day average point to an accumulation phase and a possible cyclical bottom. At the same time, price action shows bulls losing steam with repeated failures to reclaim higher levels and support around $108k being tested.
Who does this affect?
Long-term holders benefit from reduced sell-side supply on exchanges, while short-term traders face higher volatility and liquidity risk. Institutional players and derivatives traders will feel the impact through changing funding rates and shifting positioning as demand for derivatives looks more sustainable. Market makers and funds that depend on exchange liquidity may need to adjust strategies if on-chain accumulation continues to tie up available coins.
Why does this matter?
If accumulation holds and BTC breaks back above roughly $120k, momentum could push prices toward $126k–$130k as markets re-price growth expectations. But a weekly close below the $108k pivot would likely confirm a breakdown and could send prices toward the next support near $103k, increasing downside risk. With less supply on exchanges, moves can get amplified, so upcoming weekly closes and key level breaks will be decisive for short- and medium-term market direction.