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Details: ht
If we remove the noise, the CEX market looks cooled down from the exchange flows perspective = HODL mode.
Flow Activity Pressure = 9, this is the lower zone, meaning flow activity is low, current average Gross (Inflow+Outflow) is 70K BTC compared to the peak of 266K BTC in March 2024.
Net Flow 30D Z-Score −0.7 moderate bias towards purchases relative to the annual baseline. Everything that comes to exchanges gets bought up and reserves are spent to satisfy demand.