Data: Internal traffic of Bitcoin exchanges has dropped to about 14,000 coins, the lowest level since 2022
According to CryptoOnchain data, the total internal traffic of Bitcoin exchanges has decreased to its lowest level since 2022, around 14,000 BTC. This metric tracks the BTC flow within exchanges, reflecting operational activity and short-term distribution readiness. Its continuous decline indicates a significant reduction in the BTC flowing within exchanges, pointing to weakened market-making activities and tightened liquidity. Lower internal traffic is typically associated with increased holding behavior, reduced arbitrage activities, thinner order books, and increased sensitivity to shocks. Currently, the Bitcoin market seems to be in a "liquidity pause" phase, which historically has been a precursor to significant directional shifts after the market resumes activity. $BNB
