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.
A 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, indicating fear and uncertainty in the market.
“After yesterday’s big drop, crypto traders are showing signs of being a bit numb to sudden drops from inflation-related scares. The amount of interest in buying is notably small now compared to when prices were rising three days ago, indicative of FUD.”
Bitcoin is trading at $19,749 at time of writing. The top-ranked crypto asset by market cap is down 0.73% in the past 24 hours and more than 7% in the past seven days. BTC remains more than 71% down from its all-time high of over $69,000, which it hit last November.
Analytics firm Glassnode also notes that the seven-day moving average of Bitcoin’s transaction volume reached a one-month low of $2.59 billion on Friday. Glassnode also highlights that the seven-day moving average of BTC’s mean transaction volume just reached a one-month low of $244,630.36.