179K Bitcoins Left Exchanges in the Last 30 Days; Time to Buy The Dip?
As volatility rises, the global digital asset market is experiencing a spike in selling pressure. Bitcoin, the world’s most popular cryptocurrency, has fallen by more than 20% in the past 30 days. Investors can now buy the dip thanks to this price action.
Bitcoin price down; Take the plunge?
According to glassnode data the Bitcoin Exchange Outflow has reached an all-time high (ATH). Over the past 30 days, a total of 179.250 Bitcoin has been removed from crypto exchanges net. This indicates that the market is near its bottom.
Data suggests that Bitcoin’s exchange deposits (7d MA), have fallen to a 2 year low of 1,735.
According to reports, BTC is flowing out of exchanges at a rate exceeding 172k per month. This is higher than the June 2022 sell-off high. The number of confirmed transactions has also seen an increase in the past two weeks. Glassnode reported accounts with more than one Bitcoin reached the ATH of 951,823.
Coingape reported that Bitcoin has reached the same level of the previous bear markets. Based on historical data, Bitcoin prices may recover.
Bitcoin prices have dropped 20% in the past 30 days. At press time, BTC trades at an average price $16,608.5. It holds a market worth more than $319.1 million. However, Bitcoin’s dominance is now at 37.8%.
Confirmed transactions hit ATH
The multi-month high of 246K transactions per hour was broken by total confirmed transactions. It is important that 29.2% (77.1k withdraws) of total transactions were exchange withdrawal transfers. 18.2% (48.1k deposits), are related to exchange deposit transfer.
The dominance of withdrawals or deposits from exchanges has increased to 47.4% due to the explosion in exchange-related activity. This is the highest year-to-date (YTD) level. A bull market and high volatility sell-off events are usually associated with higher exchange dominance.
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.