Investors moved 1.65 million Bitcoin to several exchanges from September 7 to 13, marking the highest ever 7-day exchange inflow in 11 months.
Bitcoin has met several oppositions from the bears, like the rest of the crypto market. The asset has been extensively underperforming since the outset of the bear market, with capitulation emerging at specific points of the cycle. Recent data suggests the market might start seeing a wave of selloffs.
Crypto market intelligence provider Santiment released the mind-blowing metric through its official Twitter handle Friday. Per data from the Santiment chart, market players sent up to 1.65M BTC – worth over $33.5B against prevailing rates – to exchanges from September 7 to 13.
The last time such an enormous amount of BTC was sent out within a week was October 2021. “This was the highest amount of $BTC moved since October 2021,” Santiment noted in the tweet.
Usually, investors move assets to exchanges when there is an intent to sell them off. Consequently, market watchers consider this move a contribution to the bearishness in the space. Notwithstanding, some investors send their assets to exchanges when they wish to set up large positions.
Besides the Santiment chart, the BTC Exchange Netflow metric from CryptoQuant shows some bearish indications. With the last value of -457, the Exchange Netflow indicates a higher selling pressure on investors. This comes from a high net deposit on exchanges.
Market conditions do not bode well for the digital gold as it has recently been knocked off the support at $20k. Following BTC’s rejection at the $22,673 peak on Tuesday, the asset had held up quite well above the $20k support. However, on Thursday, the bears knocked the asset off the support.
Bitcoin now trades at $19,716 at the time of reporting, down 1.66% in the past 24 hours. The coming days are significant to Bitcoin’s price movement, with the recent surge in exchange deposits.