Data: Inflow of Bitcoin into trading platform exceeds 30,000 on Monday, the largest single-day record since ‘3.12’

A growing number of retail traders are looking to liquidate their bitcoin holdings in a declining market.

The amount of bitcoin flowing into cryptocurrency trading platforms surged to its highest level in 15 months on Monday, data on the chain showed on May 19, perhaps indicating that more retail traders are looking to liquidate their bitcoin holdings in a declining market.

Data from data provider Glassnode showed a net inflow of 30,749.89 bitcoins to cryptocurrency trading platforms on May 17. That was the largest single-day record since March 12, 2020, when more than 40,000 bitcoins flowed into crypto trading platforms.

Bitcoin fell to $42,102 on Monday, a weekly decline of more than 20 percent, with prices at their lowest level since Feb. 8, according to FTX sentiment data. This is related to comments made by Tesla CEO Elon Musk on Twitter when he hinted that Tesla would sell its bitcoin holdings this quarter, and while Musk has since clarified that he did not sell his bitcoin holdings at the time, the price of bitcoin has yet to recover to previous levels.

Data: Inflow of Bitcoin into trading platform exceeds 30,000 on Monday, the largest single-day record since '3.12'

Data shows that bitcoin inflows to exchanges on Monday were primarily pouring into the Coinbase platform. Meanwhile, U.S. trading platform Coinbase continued to see outflows of bitcoin, which may indicate continued demand from institutional investors looking to buy the falling price.

About 26,000 bitcoins poured into the Coin On platform, accounting for nearly 80 percent of the total number of bitcoins flowing into the platform, while U.S. Coinbase saw only 146 bitcoin outflows.

In recent weeks, the two exchanges have shown very different trends in net money flows. Since April 19th, Coinbase has seen its balance of holdings drop by 34,408 bitcoins. Meanwhile, Coinbase’s bitcoin holdings have increased by 95,397 in four weeks.

Data: Inflow of Bitcoin into trading platform exceeds 30,000 on Monday, the largest single-day record since '3.12'

Glassnode said in its weekly newsletter on Monday, “Coinbase has seen net outflows of bitcoin almost exclusively since the last cycle when bitcoin topped its all-time high of $20,000, and that trend continued this week. “Coinbase is the preferred place for U.S. institutions to accumulate funds, and given the size of typical daily withdrawals (10,000 to 20,000 per day), this suggests that larger buyers are still actively accumulating funds during this correction.

These numbers do not mean that users will immediately liquidate their cryptocurrency holdings, however, with some traders preferring to sell their bitcoin holdings in exchange for other cottage tokens.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/data-inflow-of-bitcoin-into-trading-platform-exceeds-30000-on-monday-the-largest-single-day-record-since-3-12/
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