Bitcoin Drops To $46k As $44.2 Million In BTC Gets Dumped Within 1 Min
17 Décembre 2021 - 08:00PM
NEWSBTC
On-chain data shows that $44.2 million in Bitcoin was dumped in
just one minute, following which the price of BTC declined to $46k.
Exchanges Observe Huge Bitcoin Inflow Of 1923 BTC As pointed out by
an analyst in a CryptoQuant post, on-chain data shows that
around1923 BTC entered exchange wallets today. The relevant
indicator here is the “inflow” metric, which measures the total
amount of Bitcoin being transferred to exchanges. Since investors
usually transfer their coins to exchanges for withdrawing to fiat
or for purchasing altcoins with them, big inflow values can be
bearish for the price of the crypto. On the other hand, low inflow
values can be bullish for Bitcoin as they may mean there isn’t much
selling pressure in the market at the moment. Now, here is a chart
that shows the trend in BTC inflows over the past day: Looks like
the indicator showed a huge spike today | Source: CryptoQuant As
you can see in the above graph, the inflow indicator showed a
massive spike today that measured to be around 1923 BTC. This means
that some holders deposited to exchange wallets what was around
$91.7 million at the time of the transaction. Not long after, the
price of BTC dropped down to $46.7k. Related Reading | Data
Shows Bitcoin Short-Term Holders Realizing Significant Losses A
look at the “taker sell volume” chart reveals some additional info
about this decline. This metric is another on-chain indicator that
shows the total amount of sell orders on perpetual swaps. The
indicator's value seems to have surged today | Source: CryptoQuant
On examining this graph, it becomes apparent that around $44.2
million in sell orders were placed on perpetual swap exchanges
about 50 minutes after the aforementioned inflows. All this Bitcoin
volume was dumped within the matter of a minute. Related Reading
| Bitcoin Heads For Short Squeeze? Why ETH Could Outperform In
This Scenario Because of the short timeframe, it’s looking likely
it was just a single investor selling these coins. It’s also
possible that rather than a single holder, it could be a group
pulling off a coordinated dump. The analyst in the post believes
this might cause further fear and inflows in the Bitcoin market,
and so investors should remain vigilant. BTC Price At the time of
writing, Bitcoin’s price floats around $47k, down 4% in the last
seven days. Over the past month, the crypto has lost 21% in value.
Here is a chart that shows the trend in the price of BTC over the
last five days: BTC's price dropped down to $46.7k earlier in the
day, but has since recovered back above $47k | Source: BTCUSD on
TradingView Bitcoin has been in consolidation within the $45k to
$50k range for a while now, and the trend doesn’t look to be
breaking anytime soon. Featured image from Unsplash.com, charts
from TradingView.com, CryptoQuant.com
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