- 1.69 million Bitcoins were transferred to exchanges, the largest flow since October 2021.
- The biggest one-day spike was March 2020, when the price of Bitcoin experienced a significant decline.
- Analysts point to a bearish outlook for the Bitcoin price as the value falls below major moving averages for the fifth time.
$33.5 billion worth of Bitcoin was exchanged between September 7 and September 13. This is the highest number since October 2021, and has raised concerns among investors and traders.
Also Read: Ethereum vs. Bitcoin: ETH Gains as BTC Price Rises to $22,000
As Bitcoin penetration increases in exchanges, will traders lose their BTC holdings?
1.69 million Bitcoins were transferred to cryptocurrency exchanges in the second week of September 2022. $ 33.5 billion worth of Bitcoin flowed for the first time since October 2021. Usually, exchanges are filled with Bitcoin, this is associated with a decrease in price. the property. Whales want to release their holdings and investors looking to make a profit are moving their BTC to the exchange.
Bitcoin moved to exchange September 7-14
Interestingly, the Bitcoin exchange saw an increase in trading volume as the price fell, which fueled interest in trading. According to data from the crypto-intelligence platform Glassnode, the exchange rate has increased since March 2020.
Leading bitcoin analyst and maximalist David Ellis said in a recent tweet:
The orcs threw up 11.8,000 pieces, but the minnows returned in the tens of thousands, probably because the tracks were starting to collapse. Trade flows were down today for the first day in three days, but volume was above average. The smell of volatility is in the air.
Ellis pointed out that BTC’s entry into Coinbase, OKX, and Huobi shows that the derivatives markets are setting up to create volatility in the spot markets through big moves.
GW’s bleed like solid pigs today, but most of the parts are chain vomited. Normal trade flows also continue. Look no further than Coinbase, Okex and Huobi. It seems that the derivatives markets are set to create chaos in the financial markets.
— David P. Ellis (@DavidPBitcoin) September 15, 2022
Miners who held BTC during the “capitulation” in August 2022 and are heading towards wealth have started to lose their Bitcoin in recent weeks.
According to Glassnode analysts, Bitcoin has fallen below its 60-day, 120-day, 200-day, 360-day, and 720-day moving averages. When the price of Bitcoin falls below these moving levels, it coincides with a “generational buying opportunity”.