Yesterday during the Space hosted by the lovely @giantcutie666, I was suddenly asked about bitcoin:native data. That’s when I realized I hadn’t looked at Bitcoin data in ages. Lately, I’ve been focused on U.S. stocks and oil, and although I’ve been trading BTC dual-currency products, most of the data I’ve been watching is related to ETFs and volatility. I’ve really neglected BTC’s on-chain data. Took a look at it today, and honestly, it’s just brutal. BTC’s on-chain data is indeed looking bad, especially some of the key metrics I personally focus on—it’s really bad. For example, exchange reserve data, which has always been a key indicator for me. Since hitting a low on May 5, 2026, exchange reserves have increased by over 130,000 BTC in just three months. This data essentially shows that even though Bitcoin has been hovering around $60,000, there are still users transferring BTC to exchanges, likely preparing to sell. Based on the data, Binance has seen the largest inflows, accounting for more than half, followed by Coinbase and OKX, each with over 20,000 BTC transferred in. While this level of inflow doesn’t necessarily mean there’s a massive sell-off imminent, the BTC that’s been flowing in since the drop from $80,000 could be sold off during price increases. In other words, it’s highly likely that the current $60,000 isn’t the target price for these holders, but as BTC approaches $80,000, the likelihood of sell pressure increases significantly. @Gate Crypto, U.S. stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets—all-in-one trading platform.