Bitcoin Price Prediction: BTC Approaches New High, Exchange Deposits Lackluster and Miner Profit-Taking Sparks Follow

Despite Bitcoin (BTC) continuing to approach its all-time high (ATH) $123,218, concerns about the surge in exchange deposits are still rising. However, the latest on-chain data reveals a significant difference between the current rebound and previous rebounds — most notably, the inflow of BTC deposits to exchanges has decreased.

Bitcoin's liquidity pulse shows subdued exchange activity

According to an article by Arab Chain, the inter-exchange flow pulse (IFP) indicator for Bitcoin showed "interesting behavior" in mid-2025. Despite Bitcoin prices being at historical highs, large investors do not seem to be selling their positions.

Typically, when assets approach their ATH, savvy investors begin to take profits. However, during this Rebound, such behavior seems to be absent. Unlike the market peaks in 2017 and 2021, during which large amounts of Bitcoin flowed into exchanges, followed by significant price corrections.

Arab Chain shared a chart showing the relationship between IFP rise and Bitcoin price trajectory. The chart illustrates the price corrections after IFP rises in 2017 and 2021. However, in 2025, despite the IFP surge at the beginning of the year, the Bitcoin market subsequently experienced consolidation instead of a correction.

The IFP indicator tracks the transfer volume of Bitcoin between centralized exchanges, providing insights into investor sentiment and market conditions. An increase in the IFP usually indicates a greater intention to sell or arbitrage, while a decrease in the IFP suggests reduced exchange activity and stronger holder confidence.

This year's dynamics between IFP and Bitcoin prices indicate that, despite prices approaching an all-time high, investors still choose to hold Bitcoin. Arab Chain points out that this behavior reinforces the bullish argument and states:

This behavior indicates that investors have a high level of confidence in the rising trend, partially explaining why prices continue to rise in the absence of significant selling pressure. On the other hand, if the Bitcoin IFP indicator starts to rise, it indicates a selling intention, which is expected to bring significant supply pressure. Therefore, a sudden rise in the IFP indicator is a strong warning signal for speculators.

Bitcoin miners start to take profits

Despite large investors remaining silent on selling, Bitcoin miners seem to be cashing in on the current rebound. On July 15, miner outflows surged to 16,000 BTC, marking the highest daily level since April 7.

As selling pressure gradually increases, CryptoQuant author Chairman Lee's recent analysis emphasizes a key support level that Bitcoin must defend in order to maintain the year-end target of $180,000. Currently, Bitcoin is trading at $117,529, down 1.4% in the past 24 hours.

Conclusion:

Despite Bitcoin prices nearing ATH, the low activity levels on exchanges and miners' profit-taking behavior indicate that the market still maintains a certain level of confidence. In the future, whether Bitcoin can break through higher price levels will largely depend on the further dynamics of exchange deposits and miners' behavior. If selling pressure on exchanges increases, it could create short-term pressure on prices, while conversely, it may continue the current upward trend.