Market analysis showing Bitcoin price hovering just above $80,000 contradicts the bullish sentiment investors are expecting for the second half of May.
According to data from Santiment, Tether (USDT) on Ethereum has experienced the largest net outflow from the exchange in three monthsA chart provided by the analytics firm shows the balance of exchange flows and the price of BTC, clearly showing the recent negative spike on Friday.
Stablecoins moving off exchanges means that holders withdraw their purchasing power from trading platforms rather than liquidating it in fiat currency and exiting the market, indicating a medium-term capital redeployment strategy. This money on the exit ramp is also an indicator Funds won’t be flowing into Bitcoin anytime soon.
This is interpreted as bearish in the short term, but only potentially bullish in the medium to long term. The last time a USDT outflow of similar size was recorded was $3.72 billion on February 9, and Bitcoin prices underwent a slight correction in the following two weeks. However, an ideal buying zone was created on February 24th.assures Santiment.
At the same time, deposits on Binance, the world’s largest exchange and therefore a fundamental indicator of market sentiment, have shown a sharp increase, reflecting the increase in retail money. It sells Bitcoins and cryptocurrencies back to the exchange.
Although counter-intuitive, this increases confidence in the market as holders believe that Bitcoin can rise in value and make a profit.
This confidence is demonstrated by CryptoQuant analyst Rei Researcher. NUPL (Net Unrealized Gain/Loss) rose from 0.15 to around 0.38. Therefore, despite the immediate selling action, the market turned from fear to “cautious optimism”.
The bearish data above is reinforced by an indication of traders’ realized prices and profit/loss margins. According to a report also from CryptoQuant, Bitcoin traders They have amassed the highest unrealized gains since June 2025.
These levels encourage profit-taking and therefore increase the risk of a correction. Historically, as these unrealized gains increase, profit-taking pressure on Bitcoin tends to accelerate.
For such a correction in Bitcoin price not to occur, Bitcoin price should soon settle above its resistance level at $88,000. Doing so will start a whole cohort of short-term Bitcoin holders. The balance becomes positive and there is no need to “sell behind the scenes”. This is based on analysis by CryptoQuant Certified Analyst Burak Kesmeci.
Such price action can trigger real signs of a bearish price trend reversal. But for now, the price of Bitcoin will correct, but it is not excluded that it may correct in order to gain momentum and continue the strong record that started in early April.
