Bitcoin (BTC) stashed in wallets tied to centralized cryptocurrency exchanges is rising at the fastest pace since May, hinting at a potential bull pause in the market.
An inflow into exchange wallets is widely taken to represent investors' intention to liquidate their holdings, a potential selling pressure, or deploy coins as a margin in futures and options markets. Meanwhile, an outflow represents accumulation.
The BTC exchange net position change has been consistently positive since Nov. 1. Historically, such periods have coincided with bull market breathers or price pullbacks.
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