The cryptocurrency market has been experiencing a rollercoaster ride, with Bitcoin and Ethereum struggling to gain momentum. Despite the recent losses, the exchange net flows metric suggests that the local bottom might be in sight for both assets. This metric provides valuable insights into market sentiment, with positive flows indicating potential selling pressure and negative flows suggesting accumulation.

The 30-day simple moving averages of Ethereum's exchange flows show considerable inflows in mid-March and late May, marking local tops for the price. However, the net flow has been heavily negative over the past month, indicating accumulation. Bitcoin, on the other hand, has seen consistent accumulation in February and March, with the 30DMA showing a dominant outflow of BTC from exchanges.

The in/out of the money data from IntoTheBlock highlights key support regions for both assets. Ethereum has strong support between $3080-$3180 and $3280-$3381, while Bitcoin's support lies between $59,450-$61,263. This suggests that the current price consolidation may be confined within these levels, leading to a range formation.

The examination of exchange flows and in/out of the money data suggests that the market sentiment is not yet bullish. Holder behavior at crucial support levels will be key to determining the next price move. While the selling pressure has begun to drop in intensity, it's too early to predict a significant price increase.

In conclusion, the exchange net flows metric provides valuable insights into market sentiment, and the current data suggests that accumulation is taking place. However, the market sentiment is not yet bullish, and holder behavior at crucial support levels will determine the next price move. As the market continues to evolve, it's essential to keep a close eye on these metrics to understand what's next for Bitcoin and Ethereum.