Bitcoin’s latest move toward $62.5K becomes more interesting when viewed alongside exchange netflow. The chart ends with roughly 3.9K BTC in positive netflow, meaning more Bitcoin entered exchanges than left them during that period. Since coins transferred to exchanges become more readily available for trading, this can increase potential sell-side supply especially when price is already showing weakness. But exchange inflows should not automatically be treated as confirmed selling. Deposits can also be related to collateral management, market making or transfers between platforms. The more important question is what happens after those coins arrive. What stands out to me is how frequently netflow has shifted between strong inflows and outflows throughout the month. There were several large withdrawal days including one close to 10K BTC yet these were repeatedly followed by renewed deposits. That suggests the market is not following a simple accumulation or distribution pattern. Participants appear to be repositioning quickly as price moves between the low $60Ks and mid $60Ks. In my view, the next confirmation will come from the market’s ability to absorb the latest inflows. If exchange balances rise, spot demand remains weak and price struggles to recover, the possibility of additional selling pressure becomes harder to ignore. If buyers absorb this supply without a deeper decline, however that would reveal stronger demand beneath the surface than the price chart currently suggests. Netflow shows where liquidity may be moving but the reaction to that liquidity tells the more important story. Will the market absorb these incoming coins, or are exchanges beginning to receive supply that buyers are not yet strong enough to handle?