On-chain data shows exchanges have received heavy Bitcoin inflows over the last couple of weeks, a potential factor behind the asset’s bearish action.
Bitcoin Supply On Exchanges Has Been Trending Up Recently
In a new post on X, analyst Ali Martinez has talked about the latest trend in the Bitcoin Supply on Exchanges for Bitcoin. The “Supply on Exchanges” here is an on-chain indicator from the analytics firm Santiment that keeps track of the total amount of BTC that’s sitting on the wallets connected to centralized exchanges.
When the value of this metric rises, it means the holders are depositing a net number of tokens to these platforms. As one of the main reasons why investors transfer to exchanges is for selling-related purposes, this kind of trend can have a bearish effect on the coin’s value.
On the other hand, the indicator going down suggests investors are taking coins off to self-custodial wallets. Such a trend can be a sign that the network is witnessin
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