Bitcoin (BTC) price stood well against the highest selling threat since the March 2020 crash.
According to the statistics shared by CryptoQuant and Glassnode, one of the on-chain data sources, the amount of BTC transferred to the exchanges reached the highest level of the last year as of May 13.
Approximately 30,000 BTC has been sent to exchanges
Affected by many negative news, Bitcoin has entered a bearish trend and faced intense pressure from sellers over the week.
Tesla dropped support for BTC payments, followed by rumors of an investigation by United States regulators against the leading cryptocurrency exchange Binance, pulling the BTC / USD pair below $ 46,000.
As Cointelegraph reported, the study of key support levels during the decline prevented further decline.
However, while investors have the comfort of healing their wounds, Bitcoin is struggling to hold on to $ 50,000.
Sources that monitor data on trader behavior suggest that Bitcoin survived the hurricane quite well.
Entries to the exchanges reached 30,000 BTC ($ 1.47 billion) on Thursday, while sales reached $ 200 million in just ten minutes during the peak of price volatility.
Submitted by analyst William Clemente tweet“Yesterday, BTC entered the stock markets at the highest level since the crash in March last year,” he said.
“Bitcoin held very well, given the process of selling $ 200 million in 10 minutes and massive BTC entry into exchanges.”
Entries to exchanges indicate a desire to sell BTC soon. Of course, not every investor converts their assets into cash. Instead, it can take a stablecoin position and repurchase when prices stabilize. Therefore, as investors who panic join the “bottom buyers”, exits from the stock markets may begin to increase.
CryptoQuant CEO Ki Young Ju revealed that whales continue to send more money to exchanges than usual, with the bearish phase not yet completely over.
“If you are trading in the derivatives market, be careful with short-term trading. (Relatively) whales are investing BTC in exchanges,” he told his Twitter followers. said.