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Over $1.27-billion worth of Bitcoin has been moved onto exchange platforms following the steep decline in the market.
Source: Dailyhodl
BTC is up 0.11%, ETH is up 0.83%, while ADA is down 6.63%.
Data from analytics firm Santiment shows that some 40,620 Bitcoin were moved onto crypto exchange networks when the price was hovering around $31,000 to translate to a total amount of $1.27 billion.
Santiment found that the latest move is the biggest jump in net exchange inflow of Bitcoin in terms of market capitalization in over two years or since December 2019. This indicates “maximal crowd polarization.”
Bitcoin, along with Ethereum, are both in the “historic buy zone,” with the digital token recording $13.13 billion in exchange outflows in the past week versus $12.38-billion inflows.
An earlier study conducted by the data analytics company found that huge movements in exchange inflows historically drive a 5% decline for cryptocurrencies.
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