Bitcoin Exchange Inflow Hits $2 Billion As Profit-Taking Phase Lingers

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. T