Beginning December 1, Bitcoin experienced a notable increase in inflows to centralized exchanges, suggesting a possible selloff on the horizon.

Data from IntoTheBlock indicates that Bitcoin (BTC) saw its exchange net flows spike from a net outflow of $69 million to a net inflow of $326 million. On December 3, the leading cryptocurrency recorded a net influx of $230 million.

Overall, data from ITB reveals that more than $562 million in Bitcoin flowed into centralized exchange platforms.

Additionally, the large holder-to-exchange net flow ratio for Bitcoin increased to 0.86% on Tuesday, according to ITB data. This metric indicates that Bitcoin whales have been more actively trading than retail investors.

Analytics from the platform show that large Bitcoin transactions, each valued at a minimum of $100,000, rose from 17,960 to 25,830 during the same period as the exchange net flows.

The volume of these large transactions surged from $38.7 billion to $87.3 billion in BTC on Monday, December 2. Over the past week, Bitcoin recorded a total of $169.6 billion in whale transactions, as reported by ITB.

On-chain data shows an 11-year-old whale address with 2,700 BTC, worth over $257 million, transferring its Bitcoin holdings to a different wallet for the first time since December 2013, suggesting a possible selloff due to a 157-fold return.

This whale initially acquired the Bitcoins when prices were around $625, amounting to a total purchase of $1.68 million.

Currently, Bitcoin is trading at $96,500 after a 1% gain over the last 24 hours, with its market capitalization exceeding $1.9 trillion once more.

The rise in exchange inflows may incite FUD (fear, uncertainty, and doubt) among retail investors. However, an influx of whale accumulation could alter market sentiment and create buying pressure.

At this juncture, the next significant bullish catalyst for Bitcoin and altcoins could be the anticipated rate cut from the U.S. Federal Reserve — the FOMC meeting is set for December 17 and 18.