Cryptocurrency analysis firm CryptoQuant has published a striking analysis of on-chain data after Bitcoin reached a new all-time high of $123,000.
According to the analysis, immediately following this historic peak, there was a significant increase in Bitcoin inflows to centralized exchanges. This movement was believed to reflect profit-taking by short-term investors and some whales.
CryptoQuant's exchange net flow data suggests that such sudden inflows typically signal local peaks and suggest a healthy correction or consolidation may follow in the coming days. The company claimed this pattern has been repeated after past parabolic rallies.
However, the analysis highlights that despite this short-term pressure, the overall market outlook remains strong. According to the analysis firm:
- Long-term investors are holding their positions.
- Inflows into spot Bitcoin ETFs continue.
- No significant outflows from corporate wallets are observed.
According to the analyst firm, bullish momentum remains strong despite a possible correction.
*This is not investment advice.
