On-chain data shows a few Bitcoin indicators are following a trajectory that could potentially explain the reason why the latest rally has taken a pause.

Bitcoin On-Chain Metrics Have Seen Bearish Developments Recently

In a new post on X, an analyst has talked about how a few on-chain indicators related to Bitcoin have changed recently. The first metric of relevance is the “Exchange Reserve,” which measures the total amount of BTC that’s sitting in the wallets associated with centralized exchanges.