Bitcoin (BTC) Stock exchanges have seen huge volumes this month as lower prices have sparked renewed interest in trading.
Data from sources including on-chain analytics firm Glassnode shows that exchange flows have reached their highest levels since March 2020.
“The smell of volatility in the air”
On September 14, more than 236,000 BTC made their way to the first major exchanges tracked by Glassnode.
It was the biggest one-day rally since the chaos surrounding Bitcoin’s dip to just $3,600 in March 2020.
The sell-offs in May 2021 and May and June of this year failed to match the number, indicating that more bitcoin investor base is currently aiming to reduce exposure.
Separate data from analytics firm Santiment coverage Both centralized and decentralized exchanges estimated the total inflow figure for the week to September 13 at 1.69 million bitcoins.
“This was the highest amount of $BTC transferred since October 2021,” she added in the Twitter comments.
With BTC/USD dropping to nearly $19,600 this week, meanwhile, some “extraordinary” signals have been coming from interactions with exchanges from both larger and smaller dealers, according to commentator David P. Ellis.
Orcas vomited 11.8 thousand coins, but the Minnows brought them back in the tens of thousands, possibly because the alternatives began to fall apart. Today’s exchange flows declined for the first day of three days, but the volume was still well above average. The smell of volatility in the air.
– David B. Ellis (@DavidPBitcoin) September 16, 2022
The action follows the strange movement of long-dormant coins at the beginning of September, an event initially attributed to Exchange now defunct Mt. Gox.
Miners slow down bitcoin sales
Going back to the exchanges themselves, Glassnode notes that exchange balances have increased by about 80,000 BTC since the end of August.
Miners, which in August End the period of “surrender” In a typical bullish sign for the market, it has also continued to sell properties over recent weeks.
However, the trend is towards miners getting back the net BTC they earn.
The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risks, you should do your own research when making a decision.