Whale Inflows Surge, Daily Inflows Dip – What’s Next for Bitcoin?

Key Points

1. Bitcoin hit record highs above $123,000 last week but has since pulled back, consolidating below $119,600.

2. Whales are actively locking in profits, which could impact Bitcoin's near-term price movement.

3. Monthly average BTC inflows surged to over $75 billion, with a sharp increase of nearly $17 billion between July 14 and 18, likely due to profit-taking.

4. Daily inflows now show a clear decline, a trend that CryptoQuant suggests should be monitored closely.

5. Futures markets predict the Federal Reserve will keep interest rates unchanged at its July 30 meeting, which could influence market sentiment.

6. The crypto market capitalization has slightly retreated from a $4 trillion peak but remains up over 17% year-to-date.