Bitcoin quietly continues to move off centralized exchanges, even as its price fails to mark any gains. On a single day in early June, roughly 22,500 BTC were withdrawn from trading platforms. This is a significant figure that suggests large holders are opting to secure their assets in private wallets rather than preparing them for sale.

Despite this major outflow, BTC’s price fell in the past 24 hours toward $100,000 but has managed to post a modest recovery and now sits around $103,500.

Signs of a Quiet Bullish Setup?

According to CryptoQuant’s latest analysis, such a pattern implies that these are not speculative trades by retail investors but deliberate accumulation by institutions such as ETF providers, custodians, or over-the-counter (OTC) desks.

These players typically operate under the radar, without the fanfare often seen with retail trading activity. The lack of a corresponding price spike may indicate that the market is in a consolidation phase, where long-term conviction is quietly building. Instead of being driven by hype or rapid momentum, the current trend seems to reflect strategic positioning and growing trust in Bitcoin’s long-term value proposition.

While immediate price action may appear stagnant, the continued drawdown of exchange reserves could potentially mean that supply-side pressure is easing. Historically, this kind of supply tightening has preceded major upward moves, although with a delay.

For now, the data points to accumulation, not distribution. CryptoQuant said that the situation should not be viewed as a lull, but as a potential setup for future price appreciation. As selling pressure diminishes, the groundwork may be forming for Bitcoin’s next leg up.

“There’s no reason to panic. This chart tells us that trust in Bitcoin is still strong. Maybe the price won’t explode right away. Maybe we’re just in a waiting phase. But as selling pressure fades, opportunities become clearer.”

Bitcoin May Struggle Through Summer Turbulence

While ETF flows continue to dominate investor attention, early signs that bullish momentum appears to be fading and deeper structural indicators suggest the market may be entering a period of consolidation, as per Matrixport’s insights.

Their models, which previously supported a bullish stance, now caution that the summer may bring increased uncertainty, particularly as key US economic indicators, such as the ISM Non-Manufacturing PMI, have fallen to their lowest levels since July 2024. This decline, coupled with a weaker manufacturing PMI, points to a broader economic slowdown that markets have yet to fully price in.

Further downside risks include the potential fallout from Trump’s tariff policies and the Fed’s hesitance to cut rates amidst lingering inflation fears. While Bitcoin’s trend model remains technically bullish above $96,719, the report noted that this support level is under threat.

With bond yields stagnant and the dollar showing weakness, Matrixport sees limited room for aggressive Fed intervention. As a result, the coming months may be defined more by caution than conviction, with Bitcoin likely to trade sideways unless macro conditions stabilize.

TL;DR

• Ripple and the SEC face a key deadline as the lawsuit drags on without resolution.

• The battle’s outcome is unlikely to cause any substantial volatility for XRP as the price now hinges on potential ETF approvals and Ripple’s business expansions.

Ripple and the SEC Remain Silent

It has been almost three months since Ripple’s CEO, Brad Garlinghouse, dropped the bomb, stating that the US Securities and Exchange Commission (SEC) would dismiss its case against the company. Despite the numerous developments that have occurred since then, however, the lawsuit has yet to reach its official conclusion.

Earlier this week, the American attorney Fred Rispoli noted that “the status update in the 2nd Circuit looms large,” and Ripple and the SEC have not moved forward with the necessary refiling. 

Recall that the two sides previously agreed that the company would pay a $50 million penalty for violating certain laws (instead of the previously ruled $125 million), which would mark the end of the legal battle. However, Judge Analisa Torres denied the motion, asserting that the parties failed to file it properly under Rule 60.

Rispoli said the deadline for that is June 16, expecting the entities to abide by the rules by then. In case they don’t, the lawyer believes the magistrates could restart the briefing process and push it for another 60 days. He described Torres’ ruling as “clear” and claimed that Ripple and the SEC “need to beg for forgiveness.”

“Ripple will say whatever to get it done, but how much public groveling is the SEC willing to do? And how much groveling will be authorized? We have 12 days to find out,” Rispoli concluded.

It is worth noting that the attorney provided the update on June 4, with no major progress on the Ripple v. SEC front since then.

Other industry participants who think the following days could be crucial for the case are Bill Morgan and the X user Levi. The former argued that something has to happen by June 16, or the appeal and cross-appeal will continue. For his part, Levi predicted that the date would mark the lawsuit’s official end. 

Possible Impact for XRP?

The developments surrounding the case were among the main factors triggering substantial volatility for Ripple’s native token over the past several years. Since Garlinghouse’s announcement in March, though, the lawsuit has been largely priced into XRP’s valuation.

Looking ahead, future price movements for the asset may depend on elements such as the approval of XRP ETFs or Ripple’s further advancement and possible collaborations.

Nearly a dozen well-known companies have announced their intentions to introduce the first spot XRP exchange-traded fund in the USA, with Grayscale, 21Shares, WisdomTree, and Franklin Templeton being among the examples. 

Such a product will give investors an additional option to gain exposure to the asset, with many analysts viewing the potential launch as a catalyst for a price rally. According to Polymarket, the odds of approval before the end of 2025 stand at approximately 94%.

Speaking of collaborations, it is worth mentioning that in April, Ripple acquired the prime broker Hidden Road for a whopping $1.25 billion. There was also rising speculation that the company was willing to purchase the stablecoin issuer Circle for more than $10 billion, but Garlinghouse recently rejected the rumors. 

Meanwhile, XRP currently trades at around $2.15, representing a 12% decline over the past two weeks. 

Bitcoin (BTC) is down almost 7% from its all-time high (ATH), and on-chain signals are flashing a buying opportunity.

According to Darkfost, a pseudonymous analyst at the market intelligence platform CryptoQuant, this buy signal is coming from the Bitcoin Hash Ribbons indicator. This metric tracks the Bitcoin hashrate and is used to identify potential entry points during a market correction.

Is it Time to Buy the Dip?

The Hash Ribbon monitors Bitcoin mining activity and tells when miners are under stress or capitulating by comparing the 30-day and 60-day moving averages of the hashrate. Miner capitulation refers to a period when miners shut down their hardware and sell off their coin reserves to remain afloat because BTC has fallen below a certain price.

On most occasions, the capitulation coincides with the hashrate recovery. The hashrate metric tells how much computational power is required to solve complex math problems and approve transactions on the Bitcoin network. During this period of recovery, mining becomes more difficult.

Market experts say buying BTC during miner capitulation yields significant returns, and the best buy signals are seen during hashrate recoveries. Recently, Bitcoin’s hashrate has been reaching new highs, with the latest being 1.016 billion TH/S. The network’s mining difficulty also surged past 126 trillion during the last adjustment on May 30.

“We recently got a new buy signal from the Hash Ribbons indicator. This metric helps us assess the level of stress in the Bitcoin mining ecosystem. It’s not a big surprise considering that the hashrate has recently reached new all-time highs,” Darkfost stated.

Miners Are Selling Their BTC

Furthermore, the CryptoQuant analyst noted that the Hash Ribbon’s flashing a buy signal is a short-term negative. This is because miners selling their BTC to stay operational create long-term profitable opportunities.

Darkfost explained that the indicator has always been accurate except once, during the 2021 China mining ban event. Hence, the possibility of the metric being correct this time is high.

“Bottom line, this signal is telling you that buying the dip around here is a smart move,” he added.

The analysis comes as a solo BTC miner defied hashrate odds and beat mining giants to validate a block on the Bitcoin network, earning a reward worth over $330,000. Mining successes like this are extremely rare due to the high computational power required to approve transactions.