Crypto markets, recently buoyed by Bitcoin’s (BTC) rebound above $60,000 following last week’s plunge, may soon face renewed challenges. Despite the optimistic surge, a key metric suggests that the upside momentum might falter.

According to crypto analytics firm IntoTheBlock, over $1 billion worth of Tether’s USDT stablecoin was withdrawn from exchanges on Tuesday, marking the highest single-day outflow since May. Historically, such large withdrawals have preceded downturns in Bitcoin’s price, as investors adopt a risk-averse approach, moving funds to more secure environments like cold wallets, possibly in anticipation of market instability.

The implications of this withdrawal are complex. While stablecoin deposits typically indicate fresh capital ready to purchase assets, the significance of withdrawals varies. Some investors might be reallocating their funds into decentralized finance (DeFi) platforms to capitalize on yields, though recent trends show that yields on USDT liquidity in DeFi pools have been declining, according to DefiLlama data.

In Wednesday’s U.S. trading session, Bitcoin retreated to $59,000, erasing the previous day’s gains despite reassuring signals from the U.S. CPI inflation report, which maintained expectations for a potential interest rate cut in September.

Looking at broader trends, Bitcoin’s price behavior in August and September has historically been bearish, with data from CoinGlass indicating that these months typically deliver negative returns. Crypto analyst Miles Deutscher has drawn parallels between the current price action and the events of last year. In 2023, Bitcoin dropped from $30,000 to $24,000 during a significant leverage wipeout in August, followed by a stagnant period before rallying in October.

Deutscher notes a similar atmosphere now, marked by dwindling retail interest, growing indifference among market participants, and a lack of compelling narratives driving the market. “This feels eerily similar to August-October last year,” he remarked, highlighting the cautious sentiment prevailing in the current crypto landscape.