During “unusual” exchange flows, a total of 236,000 BTC enter trading platforms in a single day, according to one observer.
Bitcoin (BTC) exchanges have experienced enormous volumes this month due to a revived interest in trading as a result of price decreases.
Sources like the on-chain analytics company Glassnode report that exchange inflows have reached their highest level since March 2020.
On September 14, around 236,000 BTC were sent to the eleven biggest exchanges Glassnode tracks. This was the greatest one-day increase since the volatility surrounding Bitcoin’s collapse below $3,600 in March 2020.
The fact that the sell-offs in May 2021 and May and June of this year did not equal the total suggests that a greater proportion of Bitcoin investors are presently seeking to cut their investment.
Separate figures from the analytics company Santiment encompassing both controlled and decentralized exchanges indicate a total flow of 1.69 million BTC for the week ending September 13.
“This was the largest sum of Bitcoin transferred since October 2021,” it stated on Twitter.
As BTC/USD approached $19,600 this week, according to pundit David P. Ellis, “strange” signals were emerging from bigger and smaller hodlers’ contacts with exchanges.
Following the unusual transfer of long-dormant coins at the beginning of September, which was first linked to the now-defunct exchange Mt. Gox, this step was taken.
In recent weeks, miners have continued to sell their holdings, despite having completed a “capitulation” phase in August, a normally optimistic market indicator.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.