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Joao Wedson reports that exchange reserves are rising again. The monthly change has shifted to a positive value, indicating inflows into exchanges.
This trend suggests that investors are becoming more comfortable moving BTC to exchanges, potentially for selling, setting stop losses, or out of concerns about market dynamics.
Wedson previously identified a shift among on-chain crypto analysts toward narrative-driven analysis, cautioning that many recent narratives have appeared influenced or manipulated, according to a recent article. He has also pointed to the Bitcoin to Ethereum exchange reserve ratio as a useful indicator for potential shifts in market performance between the two assets. These analyses provide additional context as exchange activity trends higher.