bitcoin (BTC) is showing a potentially bearish trend on the charts, according to crypto-analytics firm Santiment.
Saniment Remarks that 1.69 million Bitcoins, worth over $33 billion at the time of writing, went public between September 7 and September 13.
The figure represents the highest weekly spike in currency inflows since October 2021, according to Santiment.
A study 2021 published by Santiment indicates that large increases in exchange flows tend to lead to an average price decline of 5% for crypto assets. To calculate this result, the analytics firm tracked the price movements of 1,000 crypto assets with a market capitalization of at least $1 million.
When it comes to 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 sharp drop, crypto traders are showing signs of being a bit insensitive to sudden drops due to inflation fears. The amount of interest in buying is particularly low now compared back when prices were rising three days ago, indicating 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% down from its all-time high of over $69,000, which it reached last November.
Analytics firm Glassnode has also Remarks that Bitcoin’s seven-day moving average of trading volume hit a one-month low of $2.59 billion on Friday. Glassnode also points out that the seven-day rolling average of BTC’s average trading volume achieved a one-month minimum of $244,630.36.
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