Bitcoin (BTC) Holders Moved Tens of 1000\'s of BTC to Crypto Exchanges Final Month, Information Exhibits

A intently adopted on-chain analyst says billions of {dollars} value of Bitcoin (BTC) have been despatched to digital asset exchanges within the final 30 days.

A widely followed on-chain analyst is revealing that billions of dollars’ worth of Bitcoin (BTC) has been moved to digital asset exchanges over the last 30 days.

Analyst Ali Martinez tells his 67,000 followers on social media platform X that Bitcoin holders moved tens of thousands of BTC to crypto exchanges last month where it can be sold on the open market.

“During the last month, 58,956 BTC, valued at approximately $3.54 billion, were transferred to crypto exchanges!”

The trader’s chart seems to indicate that traders began sending their Bitcoin to exchanges around the second week of June, when BTC was trading at about $66,000.

At time of writing, BTC is valued at $60,143.

Martinez is also keeping a close eye on Bitcoin’s accumulation trend score, which tracks whether large entities are buying or selling BTC. According to Glassnode, a positive Bitcoin accumulation trend score signifies that deep-pocketed investors are accumulating the crypto king.

The analyst says the metric shows that the tides are turning in favor of BTC bulls.

“The Bitcoin accumulation trend score shows a shift in investor sentiment, as many are now choosing to accumulate BTC after an extended distribution phase since April.”

Based on the trader’s chart, it appears that Bitcoin’s accumulation trend score is hovering at 0.449.

In terms of investor sentiment, Martinez notes that Bitcoin’s weighted sentiment dropped to its lowest level in over 4 years.

“On July 5th, as Bitcoin dropped to $53,300, the weighted sentiment fell to -2, the lowest level since the Covid-19 crash in March 2020!”

In March 2020, Bitcoin fell below $4,000 before sparking a parabolic rally that saw BTC print a cycle high of $69,000.

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