Analysis: Bitcoin CEX Net Inflow Continues to Raise Questions, Hinting at a Lack of Ongoing Selling Pressure

BlockBeats News, January 21st, CryptoQuant analyst XWIN stated that the Trump administration has once again advanced its tariff policy, which has been a clear downside factor for Bitcoin since 2025. The tariff policy directly impacts corporate profits, inflation, and expectations for monetary policy, weakening overall risk appetite and making risk assets, including Bitcoin, more vulnerable to pullback shocks.

The impact of economic risks on Bitcoin is quickly apparent, as investor behavior adjusts rapidly. With increased uncertainty about economic growth and interest rate prospects, investors tend to reduce risk exposure in the short term. In this process, Bitcoin is often seen as a liquid asset that can be sold temporarily to reduce portfolio risk, rather than a long-term store of value.

CEX net flows provide a complementary perspective. During the adjustment phase, a brief increase in CEX inflows can be observed, aligning with temporary position adjustments. However, these inflows were not sustained, indicating the absence of persistent structural selling pressure.