On-chain data shows that Bitcoin long-term holders are making deposits to exchanges currently, something that could be bearish for the price.
Bitcoin Exchange Inflow CDD Has Spiked Recently
As explained by an analyst in a CryptoQuant Quicktake post, investors have been making deposits to spot exchanges recently. There are two relevant indicators here: the “exchange inflow” and the “exchange reserve.”
The former of these keeps track of the total amount of Bitcoin that the holders are transferring to centralized exchanges, while the latter one measures the total amount sitting in the wallets of these platforms.
When the value of the inflow metric spikes, it means that the investors are moving a large number of coins to the exchanges. As one of the main reasons why holders may make such transfers is for selling-related purposes, this kind of trend can be a sign that selling is occurring.
Since selling activity occurs on the spot exchanges, the quant has restricted the exchange inf
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