Analytics firm Santiment says leading digital asset Bitcoin (BTC) is being moved onto exchange platforms at a rapid rate amid a sharp crypto market downturn.
Santiment notes a net sum of about 40,620 BTC moved onto crypto exchange networks as prices cratered this week.
With Bitcoin trading around $31,000 at time of writing, that total amount moved is currently worth a staggering $1.27 billion.
Trending: Obama Slammed After Linking Texas School Shooting With George Floyd’s Death
The market intelligence firm says this marks the largest spike in net exchange inflow of the top crypto asset by market cap to exchange platforms since December 2019, marking “maximal crowd polarization.”
Large upticks in exchange inflows tend to lead to an average price drop of 5% for crypto assets, according to a 2021 study published by Santiment.
<img data-attachment-id="190710" data-permalink="https://dailyhodl.com/2022/02/23/here-are-the-only-two-scenarios-for-bitcoin-btc-in-the-near-future-according-to-top-crypto-trader/technicalroundup_btc_down/"
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!