On-chain data shows Bitcoin exchange inflows from whales holding between 1k to 10k BTC have spiked up recently, a sign that can be bearish for the price of the crypto. Bitcoin Exchange Inflows Spike Up Following Rally Above $24k As pointed out by a CryptoQuant post, the BTC whales with between 1k to 10k BTC seem to have sent a large stack to exchanges recently. The “exchange inflow” is an indicator that measures the total amount of Bitcoin being transferred to wallets of all centralized exchanges (both spot and derivatives). When the value of this metric spikes up, it means a large number of coins are being deposited to exchanges right now. Depending on how many of these are being moved to spot exchanges, such a trend can be bearish for the price of BTC as investors usually send to these exchanges for selling purposes. Related Reading: Bitcoin aSOPR Fails Retest Of Historical Bull-Bear Junction On the other hand, low values of the indicator suggest there is little selling going on in the market at the moment. Therefore, this kind of trend can be neutral or bullish for the value of the coin. Now, here is a chart that shows the trend in the Bitcoin all exchanges inflows over the last few days: The value of the metric seems to have spiked up recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin all exchanges inflows have registered large values during the last couple of days. The latest spike has come shortly after the BTC price surged above $24k. The chart actually shows a modified version of the indicator, called the “exchange inflow – spent output value bands,” which tells us what contribution to the total inflows is coming from each of the different sized holders in the market. Related Reading: Is The Bitcoin Surge Due To An External Reason? What The Data Suggests It looks like the investors holding 1k to 10k BTC had an especially large movement to exchanges in the last two days. Holders belonging to this group are the whales, so the current trend can suggest whales may be planning to dump right now. However, as mentioned earlier, the indicator takes into account inflows for both spot and derivatives exchanges. A large part of the latest inflows went to the derivatives exchanges, which implies whales may have been hedging against their spot positions. Nonetheless, a sizeable part of the total inflows did go to spot exchanges, so some selling may still be going on in the market from these whales. BTC Price At the time of writing, Bitcoin’s price floats around $23.8k, up 2% in the past week. Looks like the value of the crypto has come down during the past day | Source: BTCUSD on TradingView Featured image from Thomas Bonometti on Unsplash.com, charts from TradingView.com, CryptoQuant.com