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Bitcoin exchange balances increased by roughly 45,000 BTC between May 11 and Sept.
8, according to Santiment Intelligence, a move that traditionally signals bearish pressure but failed to predict the cryptocurrency's volatile summer price action.
The discrepancy highlights a potential breakdown in one of Bitcoin's most closely watched onchain indicators as market structure evolves.
Despite the net inflow to centralized exchanges, Bitcoin's price trajectory defied standard interpretations of exchange flows. The asset traded around $81,700 in May before dropping to $58,562 on June 30.
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