A famous on-chain analyst has revealed significant activity in the Bitcoin (BTC) market, with approximately 3.54 BTC worth around $58.956 billion transferred to cryptocurrency exchanges in the past month.
Analyst Ali Martinez states that this indicates that Bitcoin holders have been preparing to sell their holdings on the public market.
In the past month, 58,956 BTC worth approximately $3.54 billion have been transferred to #crypto exchanges!
pic.twitter.com/qBNsRFPE5R
– Ali (@ali_charts)
July 12, 2024
Martinez’s analysis shows that these transfers began in mid-June when the price of Bitcoin was hovering around $66,000. Since then, the value of BTC has started to decline, currently trading at $60,143.
Read more:
4 Reasons for a Potential Bitcoin (BTC) Rebound
In addition to tracking the inflow of funds into exchanges, Martinez also monitors the Bitcoin Accumulation Trend Score, an indicator provided by Glassnode. This score reflects whether large entities are accumulating or selling Bitcoin. Martinez interprets the current assessment of this trend as positive, indicating that large investors have shifted towards accumulation after a distribution phase that began in April.
The analyst’s insights also highlight the weighted sentiment of Bitcoin, which recently hit its lowest point since the market crash in March 2020.
On May 5th, as #Bitcoin dropped to $53,300, the weighted sentiment plummeted to -2 – the lowest level since the Covid-19 crash in March 2020!
pic.twitter.com/6B4sLzsXP0
– Ali (@ali_charts)
July 13, 2024
On May 5th, with a BTC price of $53,300, the sentiment index dropped to -2, indicating a significant bearish sentiment among market participants.
