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.
🤯 As Monday has crossed into its final trading hour (UTC time), a landmark in net #Bitcoin moving to exchanges has occurred. Today's net sum of ~40,620 $BTC in exchange inflow is the largest spike since Dec, 2019. This marks maximal crowd polarization. https://t.co/lqFDMIMPKQ pic.twitter.com/ivlQKpQyEg— Santiment (@santimentfeed) May 9, 2022