On-chain data shows the Bitcoin spot and derivative exchange reserves have both shot up recently, a sign that could be bearish for the price.
Bitcoin Spot And Derivative Reserves Register Growth
As pointed out by an analyst in a CryptoQuant post, the open interest and the funding rates are also heating up in the BTC market. The “exchange reserve” is an indicator that measures the total amount of Bitcoin that investors are depositing into wallets of centralized exchanges right now.
This metric has two versions; one is for the spot exchanges, while the other is for the derivative platforms. Usually, investors deposit to spot exchanges for selling purposes, so an increase in the reserves of these platforms can suggest selling pressure is rising in the market.
And as holders use derivative exchanges for opening positions on the futures market, a rise in this reserve can lead to higher volatility (the effect on the price can be in either direction).
Now, here is a chart that shows the t
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