As Bitcoin dip continues to pinch the crypto market, latest data shows that over 63,000 BTC worth $1.83 billion, was sent to crypto exchanges starting from Oct. 7, 2024.
CryptoQuant has revealed that roughly 28,000 BTC was sent to exchanges on October 7, after that 23,500 BTC was sent to exchanges on October 8, and around 12,000 coins were sent on October 9.
The data indicates that investors might be transferring Bitcoins from cold storage to exchange wallets in order to prepare to sell in the near future if not immediately.
The series of transfers were triggered as Bitcoin fell from $64,000 to approximately $62,000 by the end of the trading day on October 7, due to higher-than-expected inflation data and an spike in jobless claims.
Note that it was also around the same time when the United States Supreme Court declined to hear the Battle Born Investments vs United States lawsuit. The transfers of Bitcoin to exchanges were also triggered as investors started to fear that a potential sell-off of the seized 69,370 Bitcoin (worth $4.38 billion), by the United States government will place even more downward pressure on the price of Bitcoin.
Bitcoin is currently trading at $60,607.28 after a further dip of 0.28 % in the past day, and 0.68% slash in the past 7 days.
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