39,000 Bitcoin transferred to the exchange, what the latest disaster suggests?
Bitcoin is rocking the market by losing the $ 50,000 and $ 45,000 milestones in a matter of minutes. Although it has since bounced back to the $ 47,000 region, an interesting development in the chain suggests an even worse situation.
Bitcoin reserves on the stock exchange are rising for the first time since September 2020
A fundamental upward indicator since the bull run began last year is the declining supply of Bitcoin on the stock exchanges. A trend has emerged since March 2020 as investors can withdraw BTC from exchanges and store it in personal wallets.
Less BTC on the exchanges means less selling pressure as the illiquid supply of Bitcoin increases. It was a strong bullish story during the rally but now there has been a significant shift.
According to CryptoQuant, the amount of Bitcoin on the exchange hit 39,000 BTC, valued at nearly $ 2.2 billion, in the past 24 hours. That’s a huge amount of capital going into the exchanges, and that’s the first time since September 2020.
At first glance, this could be seen as a strong bearish sign. Such a large inflow of money into the exchanges means that a collective of individuals may be trying to sell their BTC at a time when the price is 15% below ATH.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews