Analyst Reports $3.54 Billion in Bitcoin Transferred to Cryptocurrency Exchanges in a Single Month

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  <p>An esteemed on-chain analyst has highlighted that an enormous sum of Bitcoin (<a target="_blank" href="https://dailyhodl.com/currencies/bitcoin/" rel="noopener" target="_blank">BTC</a>) has been relocated to cryptocurrency trading platforms recently, totaling billions in the past month.</p>
  <p>Ali Martinez, the analyst, has informed his 67,000 social media adherents on platform X of a significant inflow of tens of thousands of BTC to exchanges during the preceding month, potentially setting the stage for market sales.</p>

  <p><em>“In the span of the recent month, exchanges witnessed the influx of 58,956 BTC, estimated to be worth around $3.54 billion!”</em></p>
  <figure class="wp-caption aligncenter acss61131"><amp-img data-hero="" src="https://pbs.twimg.com/media/GSUYa8hXcAARLyN?format=jpg&name=large" alt="Image" width="1800" height="1013" class="amp-wp-enforced-sizes" layout="intrinsic"><amp-img fallback="" data-hero="" src="https://dailyhodl.com/wp-content/plugins/accelerated-mobile-pages/images/SD-default-image.png" alt="Image" width="1800" height="1013" class="amp-wp-enforced-sizes" layout="intrinsic"/></amp-img><figcaption class="wp-caption-text">Source: <a target="_blank" href="https://x.com/ali_charts/status/1811896317783990298" rel="noopener" target="_blank">Ali Martinez/X</a></figcaption></figure>
  <p>Martinez's analysis indicates a trend where Bitcoin started being deposited into exchanges around the second week of June, coinciding with a market value near $66,000 for BTC.</p>
  <p>As of this moment, BTC is valued at $60,143.</p>
  <p>Martinez also meticulously observes the Bitcoin accumulation trend score provided by Glassnode, which serves as an indicator of whether large-scale investors are amassing or offloading BTC. As per Glassnode, a bullish accumulation trend score suggests that whales might be purchasing the leading cryptocurrency.</p>
  <p>The data analyst believes that this trend is indicating a favorable shift for those investing in BTC.</p>
  <p><em>“Bitcoin’s accumulation trend score shows signs of a positive shift in the market sentiment, hinting that many are opting to accumulate BTC after the prevalent selloff phase since April.”</em></p>
  <figure class="wp-caption aligncenter acss00c25"><amp-img data-hero="" src="https://pbs.twimg.com/media/GSNzdw0bIAAKI60?format=jpg&name=4096x4096" alt="Image" width="2390" height="1346" class="amp-wp-enforced-sizes" layout="intrinsic"><amp-img fallback="" data-hero="" src="https://dailyhodl.com/wp-content/plugins/accelerated-mobile-pages/images/SD-default-image.png" alt="Image" width="2390" height="1346" class="amp-wp-enforced-sizes" layout="intrinsic"/></amp-img><figcaption class="wp-caption-text">Source: <a target="_blank" href="https://x.com/ali_charts/status/1811418952255623633" rel="noopener" target="_blank">Ali Martinez/X</a></figcaption></figure>
  <p>Reflecting on Bitcoin's accumulation trend score, it is currently hovering at 0.449.</p>
  <p>Speaking to market moods, Martinez points out that Bitcoin's weighted sentiment took a significant dive to unprecedented levels not seen in over four years.</p>
  <p><em>“On July 5th, Bitcoin's price dropped to $53,300, and the weighted sentiment sharply declined to -2, mirroring the lowest sentiment since the Covid-19 pandemic market crash back in March 2020!”</em></p>
  <figure class="wp-caption aligncenter acss613e5"><amp-img data-hero="" src="https://pbs.twimg.com/media/GSXPpHBW8AAmYVz?format=jpg&name=4096x4096" alt="Image" width="2848" height="1352" class="amp-wp-enforced-sizes" layout="intrinsic"><amp-img fallback="" data-hero="" src="https://dailyhodl.com/wp-content/plugins/accelerated-mobile-pages/images/SD-default-image.png" alt="Image" width="2848" height="1352" class="amp-wp-enforced-sizes" layout="intrinsic"/></amp-img><figcaption class="wp-caption-text">Source: <a target="_blank" href="https://x.com/ali_charts/status/1812245367792271375" rel="noopener" target="_blank">Ali Martinez/X</a></figcaption></figure>
  <p>In a historical perspective, after reaching a low below $4,000 in March 2020, Bitcoin embarked on a significant rally peaking at a high of $69,000.</p>
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  <h6>Please note: The views held within this content are purely the opinion of the contributor and are not intended as investment advice. It is important for investors to do their own research before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor can it be considered an investment advisor. Be aware that all trading comes with your own set of risks and you are solely responsible for any losses you may incur. The Daily Hodl is also a participant in affiliate marketing programs.</h6>
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  <p><em><span class="acss50a0e">Generated Image: DALLE3</span></em></p>
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