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HomeCrypto NewsMarketAbove 40K Bitcoin Moved To Exchanges In 1 Day As BTC Inflows On All Exchanges Reached 1 Year High

Above 40K Bitcoin Moved To Exchanges In 1 Day As BTC Inflows On All Exchanges Reached 1 Year High

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Data suggests that the crypto market is now completely bearish.



The value of Bitcoin keeps declining at an alarming rate. The leading digital asset has lost 5.02% and now trades at $31,782, according to the current Coinmarketcap data. Also, data from various on-chain analytics platforms shows a huge inflow of BTC into exchanges.

As per data from Santiment, Monday’s net sum of approximately 40,620 BTC in exchange inflow is the largest spike since December 2019.

“As Monday has crossed into its final trading hour (UTC time), a landmark in net #Bitcoin moving to exchanges has occurred. Today’s net sum of ~40,620 $BTC in exchange inflow is the largest spike since Dec 2019. This marks maximal crowd polarization.”

 

According to the Santiment data, 2019 was the last time three inflow spikes exceeded that of May 9, 2022. Data from Cryptoquant added that the spot exchange inflows hit a new 2-year peak. While All Exchanges BTC inflows are at one Year high.

Furthermore, Glassnode data revealed that the BTC balance on exchanges of 2,541,015.426 BTC is now at a 1-month high, beating the previous record of 2,532,697.774 BTC, which was set on April 10, 2022.

 

The massive BTC inflows to exchanges continued from what we previously reported here on TheCryptoBasic, indicating that some Whales are exiting their BTC positions. All the data above shows that investors are in full panic mode and the crypto market is completely bearish. This is further confirmed by the bitcoin fear and greed index, which dropped to 10 from 11, reported yesterday.

Yesterday we reported that Above 60K Bitcoin was shuffled Among BTC Whales and Exchanges Within 24 Hours Causing substantial selling Pressure.

Massive Amounts Of Shorts Expected?

Another Santiment data revealed that the BTC’s decline below the $30k mark, the first in 12 months, suggests that more intense selling pressure can be expected based on the funding rate data.

 

The inference drawn from this data is that the general decline in the crypto market would likely continue, at least in the short term.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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