Bitcoin’s on-chain indicator, Coinbase Flow Pulse, suggests the cryptocurrency is still in a bull market phase despite recent price volatility. The indicator tracks net flows of BTC between Coinbase and other exchanges, with positive values indicating inflows from wallets associated with other exchanges into Coinbase.
Historically, a crossover of the 30-day simple moving average (SMA) above the 90-day SMA signals a shift toward a bull market. This type has occurred before Bitcoin in the past, but its absence is unusual. A recent crossover indicates that institutional interest is driving momentum for the asset.
Institutional traders based in the US are predominantly using Coinbase, so inflows to the platform signify their growing interest in Bitcoin. The lack of significant outflows indicates a bear market is unlikely. However, exchange inflows from self-custodial wallets can be negative, but Bitcoin’s Exchange Reserve has plunged, reducing this concern.
Despite recent price movements, the bullish trend remains intact, driven by institutional interest and a lack of large-scale outflows.
Source: https://www.tradingview.com/news/newsbtc:6836e3680094b:0-bitcoin-still-in-bull-market-on-chain-indicator-confirms