Bitcoin Selling Pressure Eases, But Demand Remains Muted

The Bitcoin market may be experiencing easing selling pressure, but it's still unclear if buyers will step in to replace sellers. According to data from CryptoQuant, exchange inflows fell across Binance, Coinbase, and Coinbase Prime on June 18, indicating that mid-sized holders are sending fewer coins to exchanges.

This is a significant development, as exchange deposits often precede selling. The broad decline in those deposits suggests that this cohort is less interested in taking profits or cutting positions at current prices.

One key point of interest is Coinbase Prime, which serves institutional clients. Its inflows dropped to approximately 1,700 BTC on June 18, near its lowest level since April 4. This hints at a more patient stance among professional participants.

However, the data does not indicate a surge in demand from spot ETFs, with outflows persisting and reaching $325 million on June 5, $214 million on June 10, and continued redemptions around June 17 and 18. This suggests that while sellers may be stepping back, buyers have not yet stepped in to replace them.

The price action also supports this interpretation, with Bitcoin rebounding from the $59,000 to $60,000 zone but failing to break through resistance near $66,000 to $67,000 and settling around $62,800 at the time of writing. The volume profile is consistent with a market where aggressive sellers have already done most of their work.