Bitcoin (BTC) exchanges have seen high volume this month as the drop in price leads to a resurgence of trading interest.
Data from sources including chain analytics firm Glassnode shows the highest revenue growth since March 2020.
“The smell of flexibility is in the air.”
On September 14, more than 236,000 BTC went to 1 major exchange tracked by Glassnode.
This was the largest one-day increase since the chaos in March 2020 that saw Bitcoin dip to just under $3,600.
Sales in May 2021 and in May and June failed to match the numbers, suggesting that much of the Bitcoin investor base is planning to reduce exposure.
Separate data from Santiment analysis firm to cover Both centralized and decentralized exchanges put the total revenue for the week to September 13 at 1.69 million BTC.
“This was the highest amount of $BTC taken since October 2021,” he said in comments on Twitter.
As BTC/USD fell to $19,600 this week, meanwhile, some “unusual” signals were coming from interactions with both large and small hodeler exchanges, according to analyst David P. Ellis.
Orcas is up 11.8k coins but minnows are back in the tens of thousands, probably because the alts are starting to collapse. Exchange flows were subdued today in the first of three days, but volume was still above average. A volatile smell is in the air.
go over #BTC . pic.twitter.com/ltSWkrb2QK
– David P. Ellis (@DavidPBitcoin) September 16, 2022
The move follows a long-standing coin-curious move in early September, an event originally from the now-defunct exchange Mt. Gox is connected.
Miners reduce BTC sales
Returning to the trading platforms themselves, Glassnode indicates that the exchange balances have increased by approximately 80,000 BTC since the end of August.
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Miners, which in August They ended the “Capital” period at a typically high mark for the market and have continued to sell off holdings in recent weeks.
The trend, however, is towards miners returning to net hoarding BTC.
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