Bitcoin (BTC) is showing a potentially bearish pattern in the charts, according to crypto analysis firm Santiment.
Holiness notes that 1.69 million Bitcoin, worth more than $33 billion at the time of writing, went to exchanges between September 7 and 13.
That figure represents the highest weekly spike in currency inflows since October 2021, according to Santiment.
A 2021 study published by Santiment indicates that large increases in exchange inflows lead to an average price drop of 5% for crypto assets. To calculate that result, the analytics firm tracked the price movements of 1,000 crypto assets with a market cap of at least $1 million.
In terms of the overall crypto market, Santiment noted this week that crypto traders seem uninterested in buying the dip, indicating fear and uncertainty in the market.
“After yesterday’s big drop, crypto traders are showing signs of being a little numb to sudden drops due to inflation-related fears. The amount of interest to buy is now remarkably small compared to when prices rose three days ago, an indication of FUD.
Bitcoin is trading at $19,749 at the time of writing. The top-ranked crypto asset by market capitalization is down 0.73% in the past 24 hours and more than 7% in the past seven days. BTC remains more than 71% lower than its all-time high of over $69,000, which it reached last November.
Analytics company Glassnode too notes Bitcoin’s seven-day moving average of transaction volume hit a one-month low of $2.59 billion on Friday. Glassnode also emphasizes that the seven-day moving average of BTC’s average transaction volume is only reaches a one-month low of $244,630.36.
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