#Gate广场内容 There is a noteworthy signal in on-chain data: since 2026, Bitcoin's cumulative net inflow into centralized exchanges has exceeded 85k BTC, with total holdings reaching 3.56 million BTC, ending the multi-year downtrend in exchange reserves.

This means the previously anticipated "supply shock" narrative has been shattered—BTC has not only continuously flowed out of exchanges to create scarcity, but has instead been trendily returning to exchanges, typically suggesting that holders are inclined to sell and cash out.

Compounded by the current Fear and Greed Index at 15 (Extreme Fear), this data does not bode well for short-term price direction.