Bitcoin Records Rapid Exchange Inflow Rate Amid Crypto Rout

Bitcoin Records Rapid Exchange

Analytics platform Santiment says that about 40,620 bitcoins were transferred onto exchange networks amid a crypto-rout which has caused a drop in most digital assets.

The report adds that the total amount of tokens moved is worth $1.27 billion as the primary token traded around $31,000.

Santiment notes that the movement is the biggest surge in net exchange inflow in Bitcoin, last seen in December 2019. The company says that Bitcoin and Ether are at a historic buy level.

A study by the analytics company shows that an increase in exchange inflows causes an average price drop of about 5% in the crypto space.

Cryptocurrency analytics company IntoTheBlock shows that Bitcoin recorded $13.13 billion in exchange outflows in the past week, compared to $12.38 billion in inflows.

Source: Twitter 

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