PelinayPA
Bitcoin’s Search for a Bottom Continues
This metric shows the average amount of BTC transferred between exchange internal wallets. These transfers typically represent exchange operations, cold hot wallet rebalancing, or large internal movements. It does not directly indicate selling pressure, but it is an important signal of volatile periods and major player activity. In the chart, very sharp spikes appear between late 2024 and early 2025. This period saw rapid price surges followed by steep pullbacks. Heavy internal transfers often point to exchange liquidity adjustments or position changes by large players. In May–June 2025, as Bitcoin moved from $60K to $90K, the In-House Flow metric showed rising and more frequent spikes. During bullish periods, exchange position adjustments intensify. These movements have shown positive correlation with the price trend. In the current situation, the metric shows a major spike. In recent days, Exchange In-House Flow has increased sharply again. Normally averaging around 5-10, the value has surged to wide and elevated spikes in early November. During this time, the price has dropped sharply from above $110K down to $95K. The overlap between the price decline and the internal transfer surge is notable. This correlation is generally interpreted as follows: an increase in internal transfers often reflects market stress management or liquidity adjustments, which lead to higher volatility and added price pressure. While the metric is not a direct sell signal, rising values during major market moves indicate that large players may be adjusting positions, liquidity conditions may be tightening, and short term volatility is likely to persist. Considering both the sudden spike in the metric and the steep price decline, selling pressure appears to be increasing, the price may continue searching for a bottom, and short-term weakness may continue. A drop below $95K for BTC looks likely.