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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