A closely followed on-chain analyst says billions of dollars worth of Bitcoin (BTC) were sent to digital asset exchanges in the last 30 days.
Analyst Ali Martinez tells his 67,000 followers on the social media platform X that Bitcoin holders moved tens of thousands of BTC to crypto exchanges last month where they could potentially be sold on the open market.
“Over the past month, 58,956 BTC, valued at approximately $3.54 billion, were transferred to crypto exchanges!”
The trader’s chart appears to suggest that traders began sending their Bitcoin to exchanges during the second week of June, when BTC was trading at around $66,000.
At time of writing, BTC is worth $60,143.
Martinez is also keeping a close watch on Bitcoin’s accumulation trend score, which tracks whether large entities are snapping up or unloading BTC. According to Glassnode, a positive Bitcoin accumulation trend score indicates that deep-pocketed investors are accumulating the crypto king.
The analyst says the metric shows that the winds are shifting in favor of BTC bulls.
“The Bitcoin accumulation trend score indicates a change in investor sentiment, with many now choosing to accumulate BTC following an extended distribution phase since April.”
Based on the trader’s chart, it appears that Bitcoin’s accumulation trend score is hovering at 0.449.
In terms of investor attitude, Martinez notes that Bitcoin’s weighted sentiment fell to its lowest level in over four years.
“On July 5th, as Bitcoin fell to $53,300, the weighted sentiment plummeted to -2, the lowest level since the Covid-19 crash in March 2020!”
In March 2020, Bitcoin fell below $4,000 before igniting a parabolic surge that saw BTC print a cycle high of $69,000.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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