Bitcoin has remained largely stagnant, and analysts using on-chain analysis platforms say the market has not yet confirmed a sustained bottom. Nansen reported that Bitcoin could still retest the $52,000 to $58,000 range.

According to Nansen, two events this week could be important catalysts for Bitcoin’s next direction: the Federal Reserve’s interest rate decision and Strategy’s second-quarter financial results. The Fed decision is closely watched across crypto and other risk-asset markets because interest-rate expectations can affect liquidity conditions and investor appetite for volatile assets. Strategy, the company formerly known as MicroStrategy, is also followed by Bitcoin traders because it holds Bitcoin on its balance sheet.

Separate data from CryptoQuant showed a notable divergence between individual investors and whales in Bitcoin transfers to Binance. According to Binance Whale to Exchange Flow data, the total value of Bitcoin sent to Binance by whales over a 30-day period declined from approximately $7 billion on June 12 to $3.9 billion by July 27. That marks a decrease of about 44.3%.

Inflows from individual investors were more resilient over the same period. Total Bitcoin inflows from individual investors over the past 30 days fell 22%, from approximately $10 billion on June 5 to $7.8 billion.

Based on the latest figures, the amount of Bitcoin sent to Binance by individual investors was nearly double the amount sent by whales. The gap between the two groups was estimated at $3.9 billion.

CryptoQuant said the divergence points to a change in the structure of Bitcoin transfers to Binance. The data indicates that individual investors are currently much more active than whales in sending Bitcoin to the exchange.

Exchange-flow metrics are commonly tracked because transfers to trading venues can precede selling, collateral use, internal wallet movements, or other exchange-related activity. However, CryptoQuant added that exchange inflows should not be interpreted directly as selling pressure.