Bitcoin (BTC) Flashing Potentially Bearish Metric, According to Crypto Analytics Firm Santiment

Bitcoin (BTC) Flashing Potentially Bearish Metric, According to Crypto Analytics Firm Santiment


Bitcoin (BTC) is showing a potentially bearish pattern on the charts, according to the crypto analytics firm Santiment.

Santiment notes that 1.69 million Bitcoin, worth more than $33 billion at time of writing, moved onto exchanges between September 7th and the 13th.

That figure represents the highest weekly spike in exchange inflow since October 2021, according to Santiment.

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2021 study published by Santiment indicates large upticks in exchange inflows tend to lead to an average price drop of 5% for crypto assets. To calculate that result, the analytics firm tracked the price movements of 1,000 crypto assets with at least a $1 million market cap.

In terms of the overall crypto market, Santiment noted this week that crypto traders seem uninterested in buying the dip,

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