Bitcoin whales ship jump as exchange inflows hit a three-month high

The number of Bitcoin whales is declining rapidly to levels not seen since the beginning of the year, probably due to the three – month spike in bitcoin inflows to centralized exchanges (CEX).

Glassnode, the bitcoin market tracker (BTC), has released a number of bearish indicators for the largest cryptocurrency through market capitalization, including data suggesting that there is a market exit for whales that are on their toes. at least 1,000 bitcoins of them, and bitcoins inflows to exchanges over 1,700 BTC, the highest number since. February.

#Bitcoin $ BTC Exchange Flow Volume (7d MA) reached a 3 month high of 1,755.021 BTC

The previous 3 month high of 1,729.605 BTC was observed on 08 May 2022

See the metric: https://t.co/1S6EbDkdOO pic.twitter.com/8kSJPOLJXW

– glassnode alerts (@glassnodealerts) May 9, 2022

The Bitcoin $ BTC inflow rate at exchanges is the highest level of 3 months, 1,755.021 BTC. The previous 3 month increase of 1,729.605 BTC was observed on May 08, 2022.
View indicator: https://t.co/1S6EbDkdOO pic.twitter.com/8kSJPOLJXW
– glassnode alerts (@glassnodealerts) May 9, 2022

BTC’s high inflow of CEX suggests that whales could exit the market by selling Bitcoin, perhaps as a way to prepare for further market downturns. Cointelegraph reported on May 7 that short – term holders who were depositing bitcoin in late January and early February, when prices hit a six – month low of about $ 34,800, have recently sold the items.

Adverse market outlook based on hard data led bitcoin index fear and greed fall to 11, the “extreme fear” region. The index measures the general level of fear or greed among bitcoin investors.

The Bitcoin fear and greed index is 11 – Extreme Fear
Current price: $ 34,041 pic.twitter.com/PQK3x6YMok

– Fear and Saint Bitcoin Index (@BitcoinFear) May 9, 2022

Fear Index and Saint Bitcoin 11 – Fear Extreme
Current price: $ 34,041 pic.twitter.com/PQK3x6YMok
– Bitcoin Fear and Sint Index (@BitcoinFear) May 9, 2022

Despite this negative outlook, bitcoin’s daily transactions do not appear to have been affected yet. According to data on the YCharts chain, there were 233,892 daily transactions worth about $ 30 billion on May 8, which was in line with the January average.

Glassnode chain chief analyst Checkmate tweeted on Sunday “Many of you are waiting for a bitcoin capitalization wick”, partially confirming the idea that investors expect BTC to continue to fall. A relatively long, sudden and catastrophic price fall is usually characterized by a wick of capitalization, as seen on March 12, 2020, when BTC fell 43% in one day to about $ 4,600.

Many of you are waiting for the #Bitcoin ‘wick surrender’.

If it happens, and it’s actually THE capitalized wick, most people won’t buy it because the fear will be too great.

This is how it always is, and always will be.

Tip: have a plan, stick to it

– _Checkmate ⚡ (@_Checkmatey_) May 8, 2022

Many of you are waiting for the “wick to give up” of #Bitcoin. If this happens, and the wick is the real surrender, most people will not go into buying because the fear will be too great. It is always so, and always will be. Tip: have a plan, stick to it
– _Checkmate ⚡ (@_Checkmatey_) May 8, 2022

See also: Bitcoin’s price target is now $ 29,000, trader warns after Terra undergoes $ 285 million FUD attack

Caleb Franzen is a market analyst tweeted for its 11,000 followers on Sunday that investors should expect markets to continue a downward trend, according to its analysis which suggests we remain as “short – term bears”. He ended by saying that “it seems worthwhile to expect more difficulty.”

BTC is currently down 10.39% over the past seven days, trading at around $ 33,806 according to data from Cointelegraph.