On-chain data shows exchanges have registered Bitcoin deposits of about $1.2 billion in the past month.
Bitcoin Exchange Supply Has Seen A Significant Increase In The Past Month
As explained by analyst Ali in a new post on X, exchanges have seen hefty inflows recently. The relevant indicator here is the “balance on exchanges,” which keeps track of the total amount of Bitcoin in the wallets of all centralized exchanges.
When this metric’s value rises, these platforms are receiving a net amount of deposits right now. Generally, one of the main reasons investors would choose to transfer their coins to exchanges from their self-custodial wallets is for selling purposes, so a high amount of inflows can be a sign that a selloff may be taking