Bitcoin (BTC) has become increasingly cheaper to pick up in recent days. The Bitcoin price rose to a high of $64,500 on Monday evening, but it has only gone downhill since then.
Many investors have therefore sent their Bitcoins to exchanges, which often happens and then dump them on the market. It seems that people are becoming increasingly concerned about whether we will have another bull market.
63,000 Bitcoins to exchanges
The tide can quickly turn on the crypto market, just like the mood among investors. After three wonderful weeks in September, it seemed like it couldn’t get any worse. In fact, it was the best September since 2013, leaving many convinced that the bull market had finally arrived. However, the atmosphere has quickly changed, with Bitcoin already down almost 6% in October.
It’s a bad start to what is known as the best month of the year for Bitcoin. And that has prompted many investors to sell their coins, on-chain data shows.
According to data from CryptoQuant, a total of more than 63,000 Bitcoins were sent to centralized crypto exchanges on October 7, 8 and 9. At the current Bitcoin price, this corresponds to more than $3.8 billion.
Roughly 28,000 BTC flowed into exchanges on Monday, followed by another 23,500 BTC on Tuesday and 12,000 BTC on Wednesday.
It cannot be ruled out what exactly happens to these coins. However, there is a good chance that the lion’s share has been sold or is still being sold. Why else would people send their coins from their own wallets to an exchange?
So it is a bearish development that may push the Bitcoin price down. Or perhaps the decline in recent days has already been partly caused by this large exchange inflow.
BTC ETFs See God’s Assets Leaving
The American Bitcoin spot Exchange-Traded Funds (ETFs) have also significantly increased the selling pressure. Earlier today you could read in the Bitcoin news that the funds launched in January have lost $140.3 million in the past three days.
Yesterday, when Bitcoin fell more than 3% to a low of $59,000, a net outflow of $81.1 million was recorded.
Source: https://newsbit.nl/bitcoin-investeerders-verkopen-massaal-crypto-beurzen-worden-overspoeld/
