Bitcoin shot up to a record-setting ~$58.3k on Sunday. And if you were watching, you would have seen a massive exchange inflow spike:

There were 59,915 BTC in a single hour, just as prices jumped over $58,300. This was the largest spike in 16 weeks. And for context, the 200-hour resting average was sitting at 5,032 BTC moved to exchanges per hour. This means this spike was 1,091% higher than the recent mean.

We can also look at how this spike looked from an Exchange Flow Balance (Inflow minus Outflow) perspective:

Generally, when not preceded by a big outflow, inflow spikes lead to price corrections.

This exchange inflow was assisted by the 2nd largest BTC transaction of 2021 to a large whale address, which instantly disposed of the funds.

The address history shows similar patterns, going all the way back to a contributive quick sell-off on Black Thursday.