Data also indicated that Bitcoin’s 30-day average retail inflows reached $18 billion, a level that had previously preceded significant corrections in August and September.
Both instances were followed by short-term pullbacks within a few weeks, suggesting that another cooling phase might be imminent.
Source: Cryptoquant
In addition, the outflows of $648M USDC from Coinbase Advanced on October 11 hinted at a decline in buying power across exchanges, potentially intensifying short-term downward pressure if this trend continues.
Buyers are showing early signs of returning, but pressure remains
After a period of intense selling, Bitcoin’s taker imbalance remains negative. Sell orders continue to outweigh buy orders on Binance, with a slight uptick in buyer activity on October 12 suggesting a potential resurgence, although overall momentum remains weak at present.
Source: Cryptoquant
Attempts by the market to rebound briefly below $118K lacked strong follow-through, indicating a lack of conviction among bulls.
Unless there is a significant increase in buy-side volume, Bitcoin may experience downward pressure in the near term. Currently, the delicate balance of the market relies on whether buyers can regain confidence before sellers regain control.