Bitcoin inflows to crypto exchange Binance have surged amid uncertainty over US President Donald Trump’s tariffs and the upcoming US Consumer Price Index (CPI) results.
However, analysts see the situation as a sign of a possible sell-off and do not rule out a possible uptrend.
CryptoQuant contributor Maarten Regterschot noted in a note that Bitcoin reserves on Binance have increased by 22,106 tokens worth about $1.82 billion in the past two weeks, bringing the total to 590,874 tokens.
He added that this indicates a significant increase in BTC inflows to Binance.
Investors are likely actively transferring funds to the platform due to macroeconomic uncertainties and the upcoming release of Consumer Price Index (CPI) data.
During periods of uncertainty, traders typically move their crypto assets to exchanges for selling purposes, which in turn contributes to increased market volatility as investor confidence begins to decline.
Meanwhile, the market is awaiting the results of CPI inflation for March which is predicted to decrease by 2.5%.
