Bitcoin Drops To $46k As $44.2 Million In BTC Gets Dumped Within 1 Min

On-chain data shows that $44.2 million in Bitcoin was dumped in just one minute, following which the price of BTC declined to $46k. Exchanges Observe Huge Bitcoin Inflow Of 1923 BTC As pointed out by an analyst in a CryptoQuant post, on-chain data shows that around1923 BTC entered exchange wallets today. The relevant indicator here is the “inflow” metric, which measures the total amount of Bitcoin being transferred to exchanges. Since investors usually transfer their coins to exchanges for withdrawing to fiat or for purchasing altcoins with them, big inflow values can be bearish for the price of the crypto. On the other hand, low inflow values can be bullish for Bitcoin as they may mean there isn’t much selling pressure in the market at the moment. Now, here is a chart that shows the trend in BTC inflows over the past day: Looks like the indicator showed a huge spike today | Source: CryptoQuant As you can see in the above graph, the inflow indicator showed a massive spike today that measured to be around 1923 BTC. This means that some holders deposited to exchange wallets what was around $91.7 million at the time of the transaction. Not long after, the price of BTC dropped down to $46.7k. Related Reading | Data Shows Bitcoin Short-Term Holders Realizing Significant Losses A look at the “taker sell volume” chart reveals some additional info about this decline. This metric is another on-ch...