Bitcoin Inflows Continue Steep Rise As Selloff Rages On

-On-chain data shows Bitcoin exchange inflows have continued their recent sharp rise as the price of the crypto drops further.

-The “exchange inflow” is an indicator that measures the total amount of Bitcoin being transferred to centralized exchange wallets on any given day.

-When the value of this indicator shows an uptrend, it means investors are sending an increasingly higher number of coins to exchanges.

-The current value of the 7-day MA inflow is the highest it has been since the March of 2020, following the COVID-19 crash.

-Since the metric still looks to be heading up right now, the value of Bitcoin could see further downtrend in the coming days.

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