The rise in trading flows to trading platforms indicates a resurgence of latent supply-side risks behind the Bitcoin recovery.

Among the notable developments during the recent recovery is the simultaneous increase in Bitcoin flows to trading platforms. The seven-day moving average of trading flows has risen to around 39,000 Bitcoin, the highest recorded level since late November 2025.

Historically, an increase in trading flows typically reflects a growing tendency towards distribution rather than accumulation, especially after price recoveries. Although this signal does not indicate immediate selling pressure, it suggests the possibility of supply-side risks re-emerging. Therefore, the sustainability of the current price recovery is likely to be tested by how the market absorbs this potential increase in selling-side liquidity.

By: XWIN Research Japan