As BTC struggles above $30,000, Bitcoin’s $1,270,000,000 has moved to Crypto Exchanges. analysis company

Analyst firm Santiment says Bitcoin (BTC), a major digital asset, is moving rapidly to exchange platforms amid a sharp downturn in the cryptocurrency market.

Santiment note As prices skyrocketed this week, a net sum of around 40,620 BTC moved to the cryptocurrency exchange network.

As Bitcoin is trading at around $31,000 at the time of this writing, the total amount moved is now worth a whopping $1.27 billion.

The market intelligence firm says this marks the largest surge in net exchange influx of top crypto assets by market cap to exchange platforms since December 2019, marking “maximum crowd polarization.”

According to a 2021 study published by Santiment, the average price of crypto assets tends to fall by 5% when there is a significant increase in exchange inflows.

Source: Santiment/Twitter

Crypto analytics company IntoTheBlock report Bitcoin has seen a total of $13.13 billion in exchange outflows compared to $12.38 billion in inflows over the past seven days.

However, that is not all bearish indicators for King Crypto as both King Crypto and Ethereum (ETH), the leading smart contract platform, are in the “historical buying realm”. Santiment.

“Bitcoin’s average profitability level was the most negative since late January, while Ethereum was at its lowest in early March. Both are very close to historic buying areas where prices are very likely to rebound.”

Source: Santiment/Twitter

Check price action

Never miss a beat – subscribe to receive encrypted email notifications delivered directly to your inbox.

follow us Twitter, Facebook And telegram

Daily Hodl mix surfing


Check out the latest news headlines

Get Alerts
Disclaimer: Opinions expressed in the Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, and The Daily Hodl is not an investment advisor. Daily Hodl is involved in affiliate marketing.

Recommended image: Shutterstock/klss/PurpleRender

Leave a Comment