• Recent data shows that 20k BTC has been transferred to Coinbase recently, with high values of exchange inflows being detected.
• High exchange inflows can be bearish for the price of Bitcoin, while low values may be either bullish or neutral.
• A chart illustrates the Bitcoin exchange inflows to Coinbase have been high in recent days.
Recently, data shows that a large amount of Bitcoin has been transferred to Coinbase, the leading crypto exchange. According to a CryptoQuant post, a total of 20k BTC was transferred recently, resulting in high values of exchange inflows.
The “exchange inflows” is an indicator that measures the total amount of Bitcoin currently being transferred to an exchange. When this metric’s value is high, investors are sending a large amount of coins to the exchange. This could potentially be bearish for the price of the crypto, as one of the main reasons holders deposit to exchanges is for selling-related purposes. On the other hand, when the metric’s value is low, it could be either bullish or neutral for Bitcoin, depending on whether the market-wide inflows are also down or not.
To better illustrate this trend, a chart has been made to show the Bitcoin exchange inflows to Coinbase over the last couple of months. As the chart shows, the Bitcoin exchange inflow to Coinbase has recorded many sizeable spikes in the last couple of weeks. However, these spikes have not resulted in any significant price moves.
Overall, it is important to note that while high exchange inflows to Coinbase can be bearish for the price of Bitcoin, low values may be either bullish or neutral. This is why it is important to keep an eye on the exchange inflows in order to better understand the price movements of the crypto.