After reaching a new all-time high of $123,000, Bitcoin is showing signs of short-term cooling, driven by on-chain investor behavior. According to Exchange Netflow data, we observed a noticeable spike in inflows toward centralized exchanges, indicating a wave of profit-taking activity by short-term holders and some whales.
This kind of movement typically suggests a local top and could lead to a healthy correction or consolidation in the coming days. It's a classic pattern we've seen after previous parabolic rallies — profits are realized, weak hands exit, and price finds a new base.
However, it’s important to note that despite this inflow spike, the overall momentum remains bullish:
Long-term holders are still sitting tight.
ETF inflows and macro sentiment remain positive.
No significant outflows from institutional wallets.
In summary:
✅ Short-term correction likely due to profit-taking
✅ No major long-term trend reversal
✅ Bullish momentum intact
Written by Tarekonchain
