CryptoQuant's data shows that bitcoin exchange reserves have increased in the past week. CryptoQuant analysts believe that the German government's transfer is not the reason for the increase in reserves, but rather the increase in trading activity of short-term holders of centralized exchanges. Julio Moreno, head of research at CryptoQuant, said the increase in the total reserves of bitcoin on exchanges was mainly due to the increase in reserves from Binance, OKX and Bitfinex centralized cryptocurrency exchanges. However, Moreno denied that the increase in reserves was related to the sale of coins by entities such as the German government's bitcoin wallet. "This could be related to increased trader activity as most of the inflows are from short-term holders and do not appear to be related to the German government's seizure of bitcoin," said Mr. Moreno.