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According to Bank of America, cryptocurrency shows a “lack of directional conviction” in the market. The financial institutions analyzed cryptocurrency flows between personal and exchange-based wallets in a note called “Digital Assets: In the Flow.” 

Tightenings of the monetary policy by the U.S. Federal Reserve in addition to macroeconomic headwinds are likely to cause problems for cryptocurrencies in the upcoming six months. However, this won’t cause a “crypto winter” given the increasing level of adoption, analysts led by Alkesh Shah said in the note Friday.

According to Bitcoin exchange outflows, the dip-buying is muted. Meanwhile, the exchange inflows for Ether suggest that there might be continued price headwinds, the bank added.

The top three stablecoins saw exchange inflows slow significantly for the second week in a row, the report said. Last week’s exchange inflows reached $517,000, down 99% week-on-week, indicating that investors may be biding their time in the current macroeconomic environment, the bank’s analysts said.

It will be difficult for the crypto market to break out of the recent trading range until concerns about a potential recession are discounted, according to the bank.