In a major turnaround, Bitcoin exchanges saw significant inflows during the last 7 days as large crypto addresses started moving digital assets from wallets to trading platforms. According to Santiment, almost 0.52% of the overall Bitcoin supply has returned to exchanges in just one week.
A rise in the supply of Bitcoin on prominent crypto trading platforms has played a major role in its price dip. The world’s most dominant digital asset is now down by more than 20% in the past 7 days.
“Exchanges have seen a massive 0.52% of Bitcoin’s supply returning to exchanges in just a week. With high volatility and polarizing perspectives toward BTC during this pullback, this is the fastest rise of supply returning to exchanges in 16 months,” Santiment highlighted.
Over the last two years, digital exchanges have seen a consistent decline in overall Bitcoin supply on their respective platforms. On Coinbase, the BTC balance dipped by almost 36% in the past 24 months.
Bitcoin Supply in Loss
Bitcoin is now trading down by nearly 55% from its all-time highs. As a result of BTC’s recent market correction, the total BTC supply in profit has decreased by nearly 10%. The recent data posted by Glassnode shows that the decline in the percentage of Bitcoin’s profitable supply has been one of the worst in its history.
“As prices dip, we have now seen this scenario largely play out, and an additional 10% of the Bitcoin network did indeed fall into an unrealized loss. All three metrics declined from 72% to between 60% and 62% in profit. These levels are coincident with profitability seen in the late-2018, and late 2019-20 bear markets. However, it should be noted that both instances were prior to the final capitulation flush-out event. As such, further downside remains a risk and would be within the realm of historical cycle performance,” Glassnode explained.
In a major turnaround, Bitcoin exchanges saw significant inflows during the last 7 days as large crypto addresses started moving digital assets from wallets to trading platforms. According to Santiment, almost 0.52% of the overall Bitcoin supply has returned to exchanges in just one week.
A rise in the supply of Bitcoin on prominent crypto trading platforms has played a major role in its price dip. The world’s most dominant digital asset is now down by more than 20% in the past 7 days.
“Exchanges have seen a massive 0.52% of Bitcoin’s supply returning to exchanges in just a week. With high volatility and polarizing perspectives toward BTC during this pullback, this is the fastest rise of supply returning to exchanges in 16 months,” Santiment highlighted.
Over the last two years, digital exchanges have seen a consistent decline in overall Bitcoin supply on their respective platforms. On Coinbase, the BTC balance dipped by almost 36% in the past 24 months.
Bitcoin Supply in Loss
Bitcoin is now trading down by nearly 55% from its all-time highs. As a result of BTC’s recent market correction, the total BTC supply in profit has decreased by nearly 10%. The recent data posted by Glassnode shows that the decline in the percentage of Bitcoin’s profitable supply has been one of the worst in its history.
“As prices dip, we have now seen this scenario largely play out, and an additional 10% of the Bitcoin network did indeed fall into an unrealized loss. All three metrics declined from 72% to between 60% and 62% in profit. These levels are coincident with profitability seen in the late-2018, and late 2019-20 bear markets. However, it should be noted that both instances were prior to the final capitulation flush-out event. As such, further downside remains a risk and would be within the realm of historical cycle performance,” Glassnode explained.
Source: https://www.financemagnates.com/cryptocurrency/news/bitcoin-exchange-inflows-increase-during-market-correction/