On-chain data showed that some signs of a bottom formation in the cryptocurrency market are gaining strength. In analyzes based on CryptoQuant data, it was reported that XRP’s exit from major exchanges accelerated, medium-sized Bitcoin investors sent fewer assets to exchanges, and realized losses decreased compared to previous periods of the year. However, the data has not yet shown that a definitive bottom has been confirmed for Bitcoin.
XRP outflows accelerated on major exchanges
According to CryptoQuant data cited by analyst Amr Taha, the seven-day net deposit and withdrawal transaction count for XRP on Coinbase decreased to minus 15,500 on June 18. This level dropped below minus 14,200 in April and minus 12,300 in February. The data showed that the number of transactions leaving the stock market was significantly higher than the inflows.
A similar picture was seen on the Binance side. The seven-day value of the same indicator fell to minus 7,100. While this figure remained close to the April period, it remained significantly below the level on February 14. It was noteworthy that two of the world’s largest cryptocurrency exchanges saw similar movements on the same day.
CryptoQuant data revealed that withdrawal transactions gained weight again on Coinbase and Binance, while the strong deposit wave recently seen on Bybit has almost completely disappeared.
Bybit deposit wave wiped out in 11 days
The most drastic change occurred on the Bybit front. According to the data shared by Amr Taha, the number of net deposit and withdrawal transactions on the platform increased to approximately +27,000 on June 7. However, this figure decreased to approximately minus 200 as of June 18. Thus, the entry trend that occurred within weeks disappeared in a short period of 11 days.
It was especially emphasized that the data measured here is the number of transactions, not the amount of XRP transferred. Nevertheless, the change seen in the same direction in different stock markets is important for monitoring market behavior. Asset outflows from exchanges may indicate that investors are moving assets into personal wallets, and this has at times been associated with a tendency to accumulate in the past.
Mid-sized Bitcoin investors sent less to exchanges
June 19 data showed mid-sized Bitcoin holders sending less BTC to the three major platforms. According to Amr Taha, approximately 3,500 BTC entered Binance from this group. While this figure remained around 3,000 BTC on Coinbase, it decreased to approximately 1,700 BTC on the Coinbase Prime side.
| Platform | June 19 BTC entry |
|---|---|
| Binance | Approximately 3,500 BTC |
| coinbase | Approximately 3,000 BTC |
| Coinbase Prime | Approximately 1,700 BTC |
Coinbase Prime refers to the Coinbase infrastructure that serves mostly corporate customers. Therefore, movements here are watched as an additional signal of the behavior of large investors.
This data suggests that an important source of potential selling pressure may be weakening. Although mid-sized investors sending less BTC to exchanges does not mean direct purchase, it may indicate a decrease in the supply available for sale in the short term.
Realized losses decreased, but no bottom confirmation
MorenoDV_, one of the CryptoQuant contributors, evaluated whether Bitcoin is approaching a final sales wave before the bottom. The 30-day Net Realized Profit and Loss indicator currently stands at approximately minus 234 thousand BTC. In similar price periods earlier in the year, this value was close to minus 400 thousand BTC. This shows that the market has absorbed approximately 40 percent more losses in the previous stage.
The fact that 30-day realized losses remain lower compared to the previous part of the year indicates that the sellers in the market have weakened, while the indicators have not yet reached the extreme levels seen in the historical bottom regions.
The buying and selling pressure gap indicator also revealed that selling pressure continues, but has not yet reached the extreme levels seen in previous large capitulation periods. Although the one-year Net Realized Profit and Loss indicator is also in the negative zone, it does not indicate a loss as deep as seen at the bottoms of the previous cycle. For this reason, although the current chart keeps the possibility of a bottom forming on the agenda, it is not considered a definitive return signal.
