CryptoQuant: Trading Activity by Short-Term Holders Drives Surge in Bitcoin Exchange Reserves, Not German Government

Bitcoin exchange reserves have increased over the past week, according to data from CryptoQuant.Analysts at CryptoQuant believe that the transfer of the German government is not the reason for the increase in reserves, and that the cause should be attributed to increased trading activity by short-term holders on centralized exchanges. Julio Moreno, head of research at CryptoQuant, said that the increase in total exchange Bitcoin reserves was mainly due to an increase in reserves from Coin, OKX and Bitfinex centralized cryptocurrency exchanges. However Moreno denied that the increase in reserves was related to coin sales by entities such as the German government's Bitcoin wallet. Moreno said, "This could be related to increased trader activity, as most bitcoin inflows are coming from short-term holders and do not seem to be related to the German government's seizure of bitcoin."