After days of intense bearish action, the price of Bitcoin appears to be 
entering a calmer state, as it recovers above the $86,000 level. The latest 
on-chain data shows that several investors tried to take some profit in the 
past week, providing a basis for the premier cryptocurrency registering a 
double-digit loss. Bitcoin Exchange Inflow Spikes As Price Faces Downward 
Pressure In a recent post on the social media platform X, crypto analyst Ali 
Martinez revealed that significant Bitcoin amounts were sent to centralized 
exchanges in the past week. Data from Santiment shows that about $20,000 BTC 
(worth nearly $2 billion) has been moved to these exchanges in the past seven 
days. Related Reading: Risks To Crypto Market Ahead Of Key MSCI Ruling: Will 
It Spark A New Bitcoin Sell-Off? The relevant indicator in this on-chain 
observation is the Exchange Inflow metric, which tracks the volume of an asset 
(in this case, Bitcoin) that flows to centralized exchanges within a specified 
period. This metric is often important because one of the prominent exchanges’ 
service offerings is selling. Hence, an increase in the Exchange Inflow metric 
suggests the potential offloading of an asset by investors. The resulting 
increased supply of this cryptocurrency in the open market often adds downward 
pressure on the coin’s price, especially if there is no corresponding increase 
in demand. In a separate post on X, CryptoQuant’s head of research, Julio 
Moreno, shared a data piece supporting the recent spike in exchange inflows. 
According to data highlighted by the crypto researcher, the Bitcoin exchange 
inflows stood at about 81,000 BTC (the highest level seen since mid-July) on 
Friday, November 21. Ultimately, this recent spike in exchange inflows 
explains the volatility experienced by the price of Bitcoin on Friday. The 
flagship cryptocurrency succumbed to significant bearish pressure, seeing its 
price fall to just above $80,000 as the weekend approached. As of this 
writing, the price of BTC stands at around $86,070, reflecting an over 2% jump 
in the past 24 hours. Bitcoin In Profit-Taking Phase: CryptoQuant CEO 
CryptoQuant CEO Ki Young Ju revealed that Bitcoin is in a profit-taking phase, 
as evidenced by the rising exchange inflows. The crypto founder made this 
assertion based on the PnL Index Signal, which measures profit and loss levels 
using all wallets’ cost basis. With the current reading of the PnL Index 
Signal, Ju proclaimed that the classic cycle theory says that BTC is entering 
a bear market. According to the CryptoQuant CEO, only macro liquidity can 
override the profit-taking cycle—just as seen in 2020. Hence, all eyes will be 
on the Federal Open Market Committee (FOMC) meeting in December, especially 
with the falling expectations of an interest rate cut by the US Federal 
Reserve (Fed). Related Reading: XRP Price Has Surged 15% Anytime This Metric 
Appeared In The Past Featured image from iStock, chart from TradingView

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Cryptocurrency price in NOK