Analysis: Bitcoin CEX Net Inflow Continues to Raise Questions, Possibly Signaling a Lack of Sustained Selling Pressure

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

The impact of economic risks on Bitcoin is quickly evident as investor behavior adjusts rapidly. With increasing 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 temporarily sold 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 did not persist, indicating a lack of sustained structural selling pressure.