With crypto assets quietly moving off exchanges and important metrics pointing away from overheated conditions, the momentum seems to be far from being exhausted.

Several factors are at play, which suggest a growing case for the rally’s continuation.

Market Sentiment Tilts Bullish

Over 3,090 BTC, which is worth approximately $325 million, were withdrawn from Binance in a single day. This follows a pattern of large-scale outflows, including 76,000 ETH from Binance and 170,000 ETH from Kraken.

This steady outflow of BTC and ETH from centralized exchanges signals ongoing bullish accumulation behavior among investors. With fewer coins held on exchanges, the available liquid supply shrinks, lowering the risk of abrupt selloffs and fostering an environment ripe for price appreciation if demand persists.

According to the latest on-chain data from CryptoQuant, these movements coincide with significant developments in the crypto industry, such as Circle’s push toward a public listing and acquisition talks reportedly involving Coinbase and Ripple.

Other factors at play also suggest favorable market conditions.

For instance, the current state of Bitcoin’s Market Value to Realized Value (MVRV) ratio. Sitting at 2.33, the MVRV remains well below the historically significant level of 2.75, which in the past marked the beginning of prolonged corrections triggered by profit-taking.

This relatively moderate MVRV indicates Bitcoin is neither overheated nor at a major profit-taking threshold. Such a trend essentially indicates a potential for further upward price action.

As such, these data points reinforce a positive market outlook: institutional interest, reduced exchange reserves, and a non-excessive MVRV ratio all suggest that Bitcoin’s current rally may still have legs.

No Sleepy Summer

Historically, summer has been a slow season for crypto, with Q3 often posting the lowest trading volumes – except in 2022’s crisis-driven spike. But 2025 is shaping up differently. According to Kaiko, multiple macro and regulatory catalysts are converging to shake up the usual lull.

The Fed’s upcoming policy meeting and Trump’s July 9 tariff deadline are key near-term events, while landmark US crypto legislation is expected before Congress’s August recess.

Options markets also reflect this increased anticipation, as evidenced by the June 27 expiry, which shows a notable bullish activity at $110K and $120K strikes for Bitcoin. This aggressive positioning signals traders aren’t expecting a quiet quarter. In fact, they appear to be bracing for volatility and potential upside. With institutional interest intact and macro risks mounting, this summer could defy seasonal patterns.