The influx of cryptocurrency to exchanges was at its maximum values since March 2020. Then the price of the asset fell by 50% per day, dropping below $ 4 thousand.
June saw the largest daily inflow of bitcoin to crypto exchanges since March 2020, analysts from the blockchain company CryptoQuant found out. Its chief executive, Ki Yang Joo, said that the whales have started selling assets, which strengthens the bearish sentiment in the market. Big holders of cryptocurrencies are called “whales”.
CryptoQuant uses the whale surrender index, which allows you to assess their actions at the current time.
Now the index has moved into the positive zone, which indicates the possible sale of bitcoin by large players. The index was positive in 2018 and 2019 when cryptocurrencies were in deep correction.
On May 18, 2021, the previous record inflow of bitcoin was recorded – a maximum of 14 months. The next day, the cost of the first cryptocurrency fell by almost a third to $ 30,000.
In March 2020, the bitcoin rate fell by almost 50% per day. At the moment, the quotes of the cryptocurrency fell below the $ 4 thousand mark.
Users are supposed to start actively sending their bitcoin to exchanges when they want to get rid of them. The outflow of cryptocurrency from the trading platform suggests the opposite – that investors continue to keep assets in anticipation of further growth in quotations.
