CryptoQuant: On May 9, there was a record influx of bitcoins to crypto exchanges since May 2021

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On May 9, experts recorded an incredible increase in the number of bitcoins transferred to the accounts of cryptocurrency exchanges.

The CryptoQuant portal reported that the influx of bitcoins to trading platforms reached its maximum since the collapse of the digital asset in May 2021.

Dynamics of changes in the number of bitcoins sent to crypto exchanges

If we take into account the performance of spot exchanges only, then the volume of replenishment of the balance in bitcoins rose to a record level since March 2020.

Bitcoin flow to spot exchanges

On May 9, the Bitcoin exchange rate fell below $30,000 for the first time since July 2021. On Tuesday, the value of the coin corrected and is now hovering around $31,500. However, the risk of a downward movement remains. By opinion experts from the analytical company Santiment, Bitcoin will start actively shorting if its price drops below $30,000 again.

The rapid increase in the number of bitcoins transferred to crypto exchanges in March 2020 and May 2021 coincided with a fall in the value of the virtual currency by 63% and 53%, respectively. In May of this year, Bitcoin fell by only 26%. Drawing an analogy between trends, we can assume that the bearish trend has not yet ended.

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Source: Cryptocurrency

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