Recent shifts in Bitcoin metrics suggest potential changes in market dynamics. Spot exchange reserves, after a steady decline, saw a significant uptick with a +20K BTC inflow. Concurrently, netflows across all exchanges turned positive (+15.8K BTC), reversing the recent negative trend.

Rising Spot Reserves: This increase indicates more Bitcoin is being deposited into exchanges, often signaling an intent to trade or sell, which could introduce selling pressure and short-term market volatility.

Positive Netflows: Positive netflows suggest inflows to exchanges are exceeding outflows, indicating increased trading activity or profit-taking by investors.

While the broader trend favored accumulation, these changes may reflect growing caution or a shift in sentiment, potentially leading to increased volatility and downward pressure on Bitcoin’s price. Monitoring exchange activity is crucial for early signs of changing market sentiment.