$1,270,000,000 in Bitcoin Moved to Crypto Exchanges As BTC Struggles Above $30,000: Analytics Firm

$1,270,000,000 in Bitcoin Moved to Crypto Exchanges As BTC Struggles Above $30,000: Analytics Firm


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.

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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.

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