On-chain data is revealing strengthened signals that a bottom may be forming in the cryptocurrency market. According to CryptoQuant analyses, XRP outflows from major exchanges have accelerated, mid-sized Bitcoin investors are sending less BTC to exchanges, and realized losses have dropped compared to earlier this year. However, the data does not yet confirm a definitive bottom for Bitcoin.
XRP Outflows from Major Exchanges Accelerate
CryptoQuant data shared by analyst Amr Taha indicated that the seven-day net deposit and withdrawal count for XRP on Coinbase fell to minus 15,500 on June 18. This marks a new low, undershooting the minus 14,200 seen in April and minus 12,300 recorded in February. The figures show withdrawals are clearly outpacing deposits.
A similar dynamic was observed on Binance, where the same seven-day metric fell to minus 7,100. While this is close to April’s levels, it remains noticeably lower than on February 14. Observers noted the synchronized movement across the two largest crypto exchanges globally on the same day.
According to CryptoQuant, withdrawals have again dominated on both Coinbase and Binance, while the surge in deposits previously seen at Bybit has almost entirely faded.
Deposit Surge at Bybit Rapidly Reversed
The most striking change was seen at Bybit. Based on Amr Taha’s reporting, net deposits and withdrawals peaked at roughly plus 27,000 on June 7. But by June 18, the figure had plunged to around minus 200. This suggests that an inflow trend which had built up over several weeks disappeared in just 11 days.
It was emphasized that these statistics reflect the number of transactions, not the volume of XRP transferred. Still, the synchronized movement across several exchanges is significant for monitoring market sentiment. Outflows from exchanges often suggest investors are moving their assets into personal wallets, a behavior historically linked to accumulation trends.
Mid-Sized Bitcoin Investors Reduce Exchange Deposits
On June 19, data showed mid-sized Bitcoin holders sent less BTC to three major platforms. According to Amr Taha, this group transferred about 3,500 BTC to Binance, around 3,000 BTC to Coinbase, and roughly 1,700 BTC to Coinbase Prime.
| Platform | June 19 BTC Inflow |
|---|---|
| Binance | Approximately 3,500 BTC |
| Coinbase | Approximately 3,000 BTC |
| Coinbase Prime | Approximately 1,700 BTC |
Coinbase Prime mainly caters to institutional clients using the Coinbase infrastructure, making these flows valuable as signals about large investor behavior.
The data suggests a possible weakening in a major source of sell-side pressure. While reduced BTC deposits by mid-sized investors do not necessarily mean active purchases, they may indicate a short-term drop in the supply available for immediate sale.
Realized Losses Decline but a Bitcoin Bottom Is Not Confirmed
CryptoQuant contributor MorenoDV_ evaluated whether Bitcoin could be approaching the last major sell-off before a bottom forms. The 30-day Net Realized Profit and Loss currently stands at around minus 234,000 BTC. In similar prior periods this year, the figure neared minus 400,000 BTC, indicating that the market had absorbed about 40% more realized losses earlier in the year.
With 30-day realized losses now below earlier yearly levels, the data points to waning sell pressure, though the indicators have not yet reached extremes typically seen at historical market bottoms.
Other indicators, such as the difference in bid and ask pressure, continue to show ongoing selling, but are not at the severe lows seen in prior capitulation phases. Even the one-year Net Realized Profit and Loss remains in negative territory, yet does not signal losses as deep as those during previous cycle lows. As such, while these trends suggest the potential for a bottom, analysts remain cautious about calling a clear reversal at this stage.
