On-chain data shows the Bitcoin exchange inflows have spiked up over the last day, something that could prove to be bearish for the price of the crypto.
As pointed out by an analyst in a CryptoQuant post, the two exchange inflow mean spikes amounted to around 21 BTC and 17 BTC respectively.
The “exchange inflow mean” is an indicator that measures the mean amount of Bitcoin being transferred to the wallets of centralized exchanges per transaction.
It’s different from the normal inflow metric in that instead of simply measuring the total number of coins flowing into exchanges, it tells us how large the average transaction to exchanges has been recently.
When the value of this indicator is high, it means investors are depositing a lot of BTC to exchanges right now. Such a trend can be a sign of dumping in the market.
On the other hand, low values of the metric suggest there isn’t much selling pressure in the Bitcoin market at the moment.
Now, here is a chart that shows the trend in BTC exchange inflow mean over the last few days:
Looks like the value of the metric seems to have been quite high recently Source: CryptoQuant
At the time of writing, Bitcoin’s price floats around $20.6k, up 8% in the last week. Over the past month, the crypto has gained 6% in value.
The below chart shows the trend in the price of the coin over the last five days.
The value of the crypto seems to have surged up recently
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