On-chain data shows some old Bitcoin supply has recently been moved into exchanges, something that could be bearish for the crypto’s price.
Bitcoin Exchange Inflow CDD Has Spiked Up Over The Past Day
As pointed out by an analyst in a CryptoQuant post, the long-term holders have deposited some coins to exchanges over the last day.
There are two relevant indicators here; first is the “exchange inflow,” which measures the total amount of Bitcoin being sent into wallets of all centralized exchanges.
For the second, there is a concept called “coin days,” which is used as a measure of the dormant supply on the network. Whenever 1 BTC sits still on the chain for 1 day, it accumulates 1 coin day. The total coin days,