Bitcoin Coinbase Inflows Spike, Is This Bearish For BTC?

On-chain data shows the Bitcoin inflows to Coinbase have spiked recently, a sign that may turn out to be bearish for the crypto.
Bitcoin Exchange Inflows To Coinbase Register High Values
As pointed out by an analyst in a CryptoQuant post, a total of 20k BTC was transferred to Coinbase recently. The “exchange inflows” is an indicator that measures the total amount of Bitcoin currently being transferred to an exchange (which, in this case, is Coinbase).
When this metric’s value i