Data suggests that the crypto market is now completely bearish.
The value of Bitcoin keeps declining at an alarming rate. The leading digital asset has lost 5.02% and now trades at $31,782, according to the current Coinmarketcap data. Also, data from various on-chain analytics platforms shows a huge inflow of BTC into exchanges.
As per data from Santiment, Monday’s net sum of approximately 40,620 BTC in exchange inflow is the largest spike since December 2019.
“As Monday has crossed into its final trading hour (UTC time), a landmark in net #Битцоин дошло је до преласка на размене. Данашња нето сума од ~40,620 $ БТЦ in exchange inflow is the largest spike since Dec 2019. This marks maximal crowd polarization.”
? As Monday has crossed into its final trading hour (UTC time), a landmark in net #Битцоин дошло је до преласка на размене. Данашња нето сума од ~40,620 $ БТЦ in exchange inflow is the largest spike since Dec, 2019. This marks maximal crowd polarization. https://t.co/lqFDMIMPKQ pic.twitter.com/ivlQKpQyEg
- Сантимент (@сантиментфеед) Може 9, 2022
According to the Santiment data, 2019 was the last time three inflow spikes exceeded that of May 9, 2022. Data from Cryptoquant added that the spot exchange inflows hit a new 2-year peak. While All Exchanges BTC inflows are at one Year high.
$ БТЦ китови полажу своја имања у размене
1. Прилив свих берзи достигао је годишњи максимум
2. Прилив промптне берзе достигао је највиши ниво од две годинеЛиве Цхарт? https://t.co/0ti93G7oyj пиц.твиттер.цом/вкдТЕпМоЕц
- ЦриптоКуант.цом (@цриптокуант_цом) Може 10, 2022
Furthermore, Glassnode data revealed that the BTC balance on exchanges of 2,541,015.426 BTC is now at a 1-month high, beating the previous record of 2,532,697.774 BTC, which was set on April 10, 2022.
? #Битцоин $ БТЦ Стање на берзама је управо достигло 1-месечни максимум од 2,541,015.426 БТЦ
Previous 1-month high of 2,532,697.774 BTC was observed on 10 April 2022
Прикажи метрику:https://t.co/9vOOAmwh32 pic.twitter.com/i0O7KnMjcb
- упозорења о Глассноде (@гласснодеалертс) Може 10, 2022
The massive BTC inflows to exchanges continued from what we previously reported here on TheCryptoBasic, indicating that some Whales are exiting their BTC positions. All the data above shows that investors are in full panic mode and the crypto market is completely bearish. This is further confirmed by the bitcoin fear and greed index, which dropped to 10 from 11, reported yesterday.
Индекс Битцоин страха и похлепе је 10. Екстремни страх
Тренутна цена: 29,913 УСД pic.twitter.com/JZFFK2esWY- Битцоин индекс страха и похлепе (@БитцоинФеар) Може 10, 2022
Јуче пријавили смо that Above 60K Bitcoin was shuffled Among BTC Whales and Exchanges Within 24 Hours Causing substantial selling Pressure.
Massive Amounts Of Shorts Expected?
Another Santiment data revealed that the BTC’s decline below the $30k mark, the first in 12 months, suggests that more intense selling pressure can be expected based on the funding rate data.
? Подаци о стопи финансирања указују на огромну количину шортсова након тога #Битцоин пао испод 30 хиљада долара по први пут за око годину дана. Наш најновији видео покрива ово, бол трговца, слабе руке које излазе, и још много тога док откривамо шта је следеће! ? https://t.co/KOeItPxg44 пиц.твиттер.цом/афХкпбБ5В6
- Сантимент (@сантиментфеед) Може 10, 2022
The inference drawn from this data is that the general decline in the crypto market would likely continue, at least in the short term.
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Source: https://thecryptobasic.com/2022/05/10/above-40k-bitcoin-moved-to-exchanges-in-1-day-as-btc-balance-on-all-exchanges-reached-1-year-high/?utm_source=rss&utm_medium=rss&utm_campaign=above-40k-bitcoin-moved-to-exchanges-in-1-day-as-btc-balance-on-all-exchanges-reached-1-year-high