According to ChainCatcher, CryptoQuant data shows that Bitcoin exchange reserves have increased over the past week.

Julio Moreno, head of research at CryptoQuant, said that the increase in the total reserves of Bitcoin in exchanges mainly came from the increase in reserves of CEXs such as Binance, OKX and Bitfinex, denying the claim that this was related to the sale of coins by entities such as the German government's Bitcoin wallet.

Moreno said: "This may be related to increased trader activity, as most Bitcoin inflows come from short-term holders and do not seem to be related to Bitcoin sold by the German government."