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Bitcoin Bearish Signal: Exchange Netflows Spike Up

On-chain data shows the Bitcoin exchange netflow has observed a sharp positive spike recently, a sign that could be bearish for the crypto’s price.
Bitcoin All Exchanges Netflow Spikes Up Following 9% Inflation ReportAs pointed out by an analyst in a CryptoQuant post, exchanges have recently seen a large amount of BTC deposits.
The “all exchanges netflow” is an indicator that measures the net amount of Bitcoin entering or exiting wallets of all centralized exchanges as a whole.
There was another spike not too long before this latest one, but that other spike was neutralized by a similarly large negative value of the metric.
If the inflows are indeed from whales looking to dump their coins, then the near term outlook can be bearish for the price of Bitcoin.

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by TokenAround.

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