On-chain data shows the Bitcoin inflows to Coinbase have spiked recently, a sign that may turn out to be bearish for the crypto. Bitcoin Exchange Inflows To Coinbase Register High Values As pointed out by an analyst in a CryptoQuant post, a total of 20k BTC was transferred to Coinbase recently. The “exchange inflows” is an indicator that measures the total amount of Bitcoin currently being transferred to an exchange (which, in this case, is Coinbase). When this metric’s value is high, investors send many coins to the exchange right now. Since one of the main reasons holders deposit to exchanges is for selling-related purposes, this trend can have bearish implications for the price of the crypto. On the other hand, low values suggest investors aren’t making many deposits to the exchange. Such a trend could either be bullish or neutral for BTC, depending on whether the market-wide inflows are also down or not. Related Reading: Litecoin Whale Withdraws $32M In LTC From Binance, Good Sign For Rally? Now, here is a chart that sho ..
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