Change in BTC held on exchanges rises to record levels as price continues to plummet
There are signs that bitcoin dumping would push the value of the digital currency further down. This is judging from the change in the value of exchange held coins in the last couple of days.
Certain change in the volume of bitcoins held in exchanges on June 14 is 114,478 BTC. This is the highest change in the value of the coins in the past 3 months. This is according to data from Chainalysis, the market intel platform. The data also shows that the possible change in the exchange held coins range from 32,873 – 114,478 bitcoins.
Change in BTC in Exchanges Up By 80%
The change in BTC held in exchanges has increased remarkably since June 13, when the volume rose to 84,675 BTC from 17,002 BTC, an 80% rise. On June 14, there was another 26% increase in the change in exchange held bitcoins.
The recent spike in the change of the asset held in the exchanges is an indication that many investors are still dumping their coins as the price of the asset continues to fall.
A Correlation With Price of Asset
The change in the volume of bitcoins held in exchanges correlates with price to a large extent. In the past 30 days, the most remarkable changes in volume of exchange held bitcoins were noticed in February, May and June.
On February 27, the certain change in the volume of bitcoins held in the exchanges dropped by 67,354 BTC. On the same day, Bitcoin rose from $37,709 to $43,193, an increase of 13%.
On May 9, the certain change in exchange held bitcoins was 71,875 BTC, a 79% increase from the previous day’s 14,928 BTC. On the same day, Bitcoin dropped from $34,059 to $30,296, a loss of 11%.
On June 13, the 80% rise in the change in exchange held bitcoins corresponded with the period that Bitcoin dropped from $26,762 to $22,487, a 16% drop in value.
The June 14 rise of exchange held coin change also corresponds with a further drop in the price of Bitcoin to $22,206, a 1.2% drop. At the time of filing this report on June 17, Bitcoin has further dropped to $20,871, losing 6%.