A noted on-chain analyst has revealed significant activity in the Bitcoin (BTC) market, where approximately 58,956 BTC, valued at roughly $3.54 billion, were transferred to crypto exchanges over the past month.
This movement, according to analyst Ali Martinez, suggests that Bitcoin holders were preparing to potentially sell their holdings on the open market.
Martinez’s analysis, shared with his substantial following on social media platform X, indicates that these transfers began in mid-June when Bitcoin’s price was hovering around $66,000.
Since then, BTC has seen a decline in value, currently trading at $60,143.
In addition to tracking exchange inflows, Martinez monitors Bitcoin’s accumulation trend score, a metric provided by Glassnode.
This score reflects whether large entities are accumulating or offloading BTC. Martinez interprets the current trend score positively, suggesting a shift towards accumulation by deep-pocketed investors after a period of distribution that started in April.
The analyst’s insights also highlight Bitcoin’s weighted sentiment, which recently hit a low not witnessed since the March 2020 market crash.
On July 5, as #Bitcoin fell to $53,300, the weighted sentiment plummeted to -2 — the lowest level since the Covid-19 crash in March 2020! pic.twitter.com/6B4sLzsXP0
— Ali (@ali_charts) July 13, 2024
On July 5th, with Bitcoin’s price at $53,300, the sentiment gauge plunged to -2, indicating a notable bearish sentiment among market participants.
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