On-chain data shows Bitcoin whale inflows to exchanges have remained at highest ever levels recently, suggesting that the latest recovery above $22k may not last too long. Bitcoin Top 10 Exchange Inflows Have Been Elevated In Recent Days As pointed out by an analyst in a CryptoQuant post, the current whale deposits to exchanges are at their highest value in the history of the crypto. The “all exchanges inflow” is an indicator that measures the total amount of Bitcoin currently entering into wallets of all centralized exchanges. The sum of the top ten inflows, specifically, represents the total number of coins being deposited by BTC whales. When the value of this metric is high, it means whales are currently depositing a large amount of Bitcoin right now. Since investors usually transfer to exchanges for selling purposes, such a trend could point at dumping from whales, and hence can be bearish for the value of the coin. On the other hand, a low value of the metric implies whales are depositing a healthy amount to exchanges at the moment. This kind of trend can be either bullish or neutral for BTC, depending on whether buying is also going on in the market currently. Related Reading | Bitcoin Breaks Above Realized Price Again, Bottom Finally In? Now, here is a chart that shows the trend in the BTC top 10 inflows (21-day moving average) over the last few years: Looks like the value of the indicator has observed ...
Why Bitcoin Price is Up Today?
