Traders are moving billions around and into exchanges as the market sell-off continues. So far, a total of $15 billion worth of different cryptocurrencies have been moved into cryptocurrency market.
A Massive Crypto Sell-off
The recent events have arisen due to the massive market sell-off which has led to an average drop of 13% across the whole cryptocurrency market.
Over the past week, exchanges noted approximately $15 billion in inflows of currencies such as Ethereum (ETH), Bitcoin (BTC), and Tether (USDT).
According to data from Glassnode, last week alone $7.8 billion in BTC was moved into the market, while $7.7 billion was moved out. $3.8 billion in Ethereum was injected, while $3.4 billion was withdrawn, and $4.1 billion in Tether was put in, while $4.4 billion was taken out.
Furthermore, the total capitalization of the cryptocurrency market dropped to $1.7 trillion in the last week, resulting in a $300 billion plummet.
On the Flipside
- The only negative exchange flow was present on Tether due to the fact that traders withdrew $200 million more from exchanges than they initially deposited.
- However, a negative flow for the biggest stablecoin suggests how much investors prefer more stable options, targeting USD exposure, rather than BTC exposure.
Why You Should Care
This trader behavior is closely linked to the performance of the largest cryptocurrency token Bitcoin (BTC), which dipped in value by more than 13%.
Altcoins such as Ethereum (ETH) and Cardano (ADA) have also been losing value and are trading at a discount when compared to their value last week.