On-chain data shows Bitcoin inflows are trending up, a sign that whales might be increasing their dumping. This could prove to be bearish for the coin.
Bitcoin Inflows Move Up As Whales Continue To Sell
As pointed out by a CryptoQuant post, on-chain data highlights that BTC inflows to exchanges have been going up.
The “all exchanges inflow” is an indicator that shows the amount of Bitcoin that holders are depositing to exchanges on a given day.
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
When the value of this metric moves up, it means more investors are sending their coins to exchanges. Holders usually deposit their BTC for withdrawing to fiat or for purchasing altcoins. So, this could be a sign of dumping, and may be bearish for the price.
On the other hand, when the inflows decrease in value, it implies not many investors are depositing their Bitcoin to exchanges. Such a trend may mean that holders aren’t interested in selling at the moment.
Now, here is a chart that shows the trend in the value of the BTC inflows over the past few months:
Get 110 USDT Futures Bonus for FREE!
Looks like the indicator’s value has been trending up recently | Source: CryptoQuant
As the above graph highlights, BTC inflows have been on…