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On-chain analyst Axel Adler Jr. said Bitcoin has logged net exchange outflows for a month, while buying and selling pressure in the futures market remains balanced.
In a blog post, Adler said the 30-day average daily net outflow from exchanges recently stood at 1,500 BTC, down by half from a week earlier. Adler explained the sharp drop in the 30-day average was a calculation effect after a large outflow recorded on Sept. 22 dropped out of the measurement window, rather than a result of rising exchange inflows. In the futures market, Adler said the 30-day average of a positioning index measuring the balance between buying and selling pressure was 0.3, indicating no clear directional bias. Adler added that if exchange net outflows continue and the index remains above zero, buying pressure could strengthen, while the opposite scenario could increase selling pressure.