The 24 hour BTC inflow into exchanges is higher than the past 180 days daily average. This is according to data from Chainalysis, the blockchain analysis firm. It shows that in the past 24 hours, 70.919 bitcoins were sent to the exchanges. This is higher than the daily average of 51,408 bitcoins moved to exchanges in the past 6 months.
February 28 Record
The data shows that the highest daily BTC inflow into exchanges in the past 30 days was 138,507 BTC recorded on February, 28. This was four days after the Russian invasion of Ukraine. It is not certain if there is a strong correlation between the invasion and the frenzy to sell bitcoins in the exchanges.
Another remarkable spike in inflow was noticed on March 10. On this day, the BTC inflow to exchanges was 91,388 bitcoins. This may not be unexpected since this was the day after President Joe Biden signed the executive order on cryptocurrencies. The order may have created market uncertainties that prompted the move by holders to sell bitcoins.
BTC Inflow into Exchanges Reflects Market Sentiments
Bitcoin inflow into exchanges generally reflects market sentiments. When there is a net flow of coins to the exchanges, it shows that there are more holders willing to sell their coins. It is also a reflection that many buyers are storing their bitcoins in exchanges.
The market data also shows a remarkable increase in the volume of BTC held in the exchanges in the past 24 hours. The Chainalysis data shows that there’s a volume increase of 34.75 BTC held in the exchanges over the past one day. This is also above the daily average of 6,540 BTC recorded in the past 180 days.
Bitcoin is currently trading at $47,287.94, according to data from Coinmarketcap. This is 1.13% lower than its 24 hour value. It closed the past 24 hours at $47,502 which reflects a positive market sentiment.