Exchange inflows just climbed to $10.9 billion on a monthly basis — the highest reading we've seen since May 2021. That's not just a number to gloss over. Historically, when we hit these levels, it's often a precursor to notable market movements. Whether that means volatility, institutional repositioning, or broader shifts in trader sentiment, the data suggests something's cooking. Worth keeping an eye on how this plays out over the next few weeks.