Bitcoin experienced a strong rally after a US court ruled that the SEC was wrong in denying Grayscale's request to convert its bitcoin trust into an ETF. Prior to the ruling, nearly 30,000 BTC worth $822 million were moved to addresses tied to centralized exchanges, indicating that some traders anticipated the price boost and prepared for it by moving coins to exchanges.

While an uptick in exchange inflows is often seen as a sign of potential selling pressure, mean outflows also jumped to two-month highs and the net balance held on exchanges declined, suggesting that derivatives and offshore exchanges are driving the current price action.