Bitcoin on-chain data shows exchanges this week have observed the largest inflows since July 2021, taking the price of the crypto to $33k.
Bitcoin Exchange Inflows Spike Up To Highest Value Since July 2021
As pointed out by an analyst in a CryptoQuant post, the BTC exchange inflows have observed a sharp increase recently.
The “all exchanges inflow” is an indicator that measures the total amount of Bitcoin moving into exchange wallets.
When the value of this metric rises, it means an increasing number of coins are moving into exchanges. Such a trend may be bearish for the price of the crypto as investors usually deposit their BTC to exchanges for selling purposes.
Related Reading | TA: Ethereum Bears Aim Big After Recent Breakdown Below $2.5K
On the other hand, low values of the indicator suggest that not much selling on exchanges is going on right now. This trend, when prolonged, can prove to be bearish for the value of the coin.
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