Bitcoin (BTC) surged to a new all-time high (ATH) of $123,218 earlier today, pushing its market cap beyond $2.4 trillion. However, exchange data shows a sharp increase in BTC inflows following this milestone, raising concerns of a potential short-term correction.
Bitcoin Exchange Inflows Warn Of Pullback
According to a CryptoQuant Quicktake post by contributor Tarekonchain, BTC is beginning to show signs of short-term cooling. Notably, exchange inflows recorded a sharp uptick right after Bitcoin hit its fresh ATH.
The following chart shared by the analyst highlights exchange netflows to spot platforms, with notable spikes in inflows to centralized exchanges. This typically indicates profit-taking behavior by short-term holders and some whales.
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