A closely watched analyst says billions of dollars worth of Bitcoin (BTC) have been sent to digital asset exchanges in the past 30 days.
Analyst Ali Martinez tells his 67,000 followers on the social media platform
“Over the past month, 58,956 BTC, worth approximately $3.54 billion, have been transferred to crypto exchanges!”
The Trader’s chart seems to suggest that traders started sending their Bitcoin to exchanges in the second week of June, when BTC was trading around $66,000.
At the time of writing, BTC is worth $60,143.
Martinez also keeps a close eye on Bitcoin’s accumulation trend score, which tracks whether major entities are buying or divesting BTC. According to Glassnode, a positive trend score for Bitcoin accumulation indicates that investors with deep pockets are accumulating the crypto king.
The analyst says the metric shows the winds are shifting in favor of the BTC bulls.
“The Bitcoin accumulation trend score signals a change in investor sentiment, with many now choosing to accumulate BTC after an extended distribution phase since April.”
Based on the trader’s chart, it appears that Bitcoin’s accumulation trend score is hovering around 0.449.
As for investor attitudes, Martinez notes that Bitcoin’s weighted sentiment has fallen to its lowest level in more than four years.
“On July 5, when Bitcoin fell to $53,300, weighted sentiment plummeted to -2, the lowest level since the Covid-19 crash in March 2020!”
In March 2020, Bitcoin fell below $4,000 before a parabolic wave, sending BTC to a cycle high of $69,000.
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Generated image: DALLE3