10x Research: The lower U.S. inflation data on June 12 (3.3%) is what drives Bitcoin to rise
ChainCatcher news, 10x Research published that traders are complaining that despite Bitcoin's price being only 7% away from its all-time high, there has been no significant movement. Many Bitcoins are being withdrawn from trading platforms, while stablecoin impulse is sending out a warning signal.The trading volume in the cryptocurrency market has dropped to $50 billion, and the financing rates are only slightly positive. There is no doubt that the rates are very low. The Federal Reserve's policies and inflation data are seen as two key variables that could drive Bitcoin to a new all-time high. On June 5, the Bank of Canada may initiate a global rate-cutting cycle, providing a blueprint for the Federal Reserve, while the U.S. inflation data on June 12 needs to show lower figures (3.3%) to drive Bitcoin prices up.The sharp decline in Bitcoin balances on trading platforms indicates that whales are transferring Bitcoin off exchanges in anticipation of price increases. In the past month, 88,000 Bitcoins have been moved off trading platforms, leaving a remaining supply of 2.5 million Bitcoins, the lowest level since March 2018. The outflow of funds from trading platforms began on May 15, coinciding with the 45 days after the quarterly 13F filing requirements for U.S. registered investors managing over $100 million.