Bitcoin Price Approaches $108,000 Amidst $262.75 Million Exchange Inflows
Recent on-chain data indicates a significant spike in Bitcoin inflows to exchanges, despite an increase in its price.
Key Points
- Exchange Netflow for Bitcoin has turned positive recently, indicating more inflows than outflows.
- Total net deposit of $262.75 million recorded, marking the first major influx since May 27th.
- Positive Exchange Netflow typically suggests potential bearish sentiment as investors may seek to sell.
- Contrarily, Bitcoin's price has increased over 3% in the last week, currently around $107,900.
- Short liquidations have surged from $105K to $359K within four hours, potentially fueling Bitcoin's price rally.
