According to the Glassnode website, around 230,000 BTC were transferred to the exchange's wallet address the day before yesterday (14), reflecting the fact that there is now more inventory on the exchange than earlier, and inferring that large investors may be attempting to ship on the exchange, leading to potential selling pressure in the market.

However, it is also possible that this is an illusion created by large traders, who intentionally transferred a large amount of Bitcoin from their cold wallets into the exchange so that retail traders would be fooled by this phenomenon. One possible scenario is that retail traders saw the "negative" signal and went short, while the big players intentionally pulled up the price.

Of course, this is all just speculation.

The second possibility is that an exchange internally transfers coins to some or other new wallet, so that the on-chain data platform monitors the phenomenon, but it does not monitor what is in fact the cause of the phenomenon (in this case, the internal transfer). In this case, ifIf the on-chain data platform investigates and finds that the exchange has indeed "opened" a new wallet, then it will also update the correct information as soon as possible.