Cryptos Platform logo Cryptos Platform logo
NewsBTC 2021-12-17 19:00:54

Bitcoin Drops To $46k As $44.2 Million In BTC Gets Dumped Within 1 Min

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-ch...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.