Bitcoin Supply on Exchanges Increases by 20,000 BTC Worth $2.2 Billion

Recent on-chain data indicates significant Bitcoin inflows to exchanges, potentially influencing the asset's bearish trend.

Key Points

Bitcoin supply on exchanges has increased, indicating net inflows of 20,000 BTC worth approximately $2.2 billion over the past two weeks.
This rise coincides with a decline in Bitcoin's price, suggesting many deposits were made for selling purposes.
The Exchange Inflow metric spiked over the weekend, correlating with further price declines, but did not increase Supply on Exchanges, showing demand for withdrawals balancing deposits.
Short-term holders (STHs), comprising recent buyers, have shown notable loss deposits, typical during price drops as they capitulate.

Bitcoin is currently trading around $110,500, down over 2.5% in the last week.

Bitcoin Price Chart