Bitcoin ignores historic dollar breakdown: How long can this calm last?

Key Points

1. The U.S. Dollar Index (DXY) dropped 6.5 points below its 200-day moving average, the largest deviation in 21 years, yet Bitcoin remained range-bound.

2. Bitcoin recorded $24.56 million in net outflows, indicating possible accumulation phases or anticipation of volatility.

3. 62.6% of BTCUSDT perpetual traders on Binance held short positions, with a Long/Short ratio of 0.60, suggesting bearish sentiment.

4. Whale activity declined, with transfers in the $1M-$10M range falling 6.6% and those above $10M declining by 5.01%, possibly due to regulatory or macroeconomic uncertainties.

5. Bitcoin’s stock-to-flow ratio fell by 33% to 1.06 million, weakening the perceived scarcity narrative of BTC.