Recent changes in Bitcoin metrics may indicate a potential shift in market dynamics. Spot exchange inventories, which had been declining, have suddenly increased by +20K BTC. Net flows on all exchanges have turned positive (+15.8K BTC), reversing the mostly negative trend of recent weeks.

What does this mean?

- Rising inventories: More Bitcoin on exchanges may indicate trading or selling intentions, which could create selling pressure.

- Positive net flows: Positive flows indicate an excess of inflows over outflows, which could indicate increased trading activity.

These changes may reflect investor caution or a change in sentiment. If inventories and net flows continue to increase, volatility is likely to increase and pressure the Bitcoin price.