Polygon Exchange Supply Spikes, More Downtrend Incoming?

On-chain data shows the Polygon exchange supply has seen a sharp spike recently, something that could lead to a further downtrend for the asset.
Polygon Exchange Supply Rises As Whale Makes 60 Million MATIC Deposit
According to data from the on-chain analytics firm Santiment, around 7.92% of the entire MATIC circulating supply is on exchanges now. The relevant indicator here is the “supply on exchanges,” which measures the percentage of the total Polygon supply that’s currently