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

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