The latest on-chain data reveals interesting outtakes from retail and larger investors and their behavior in terms of BTC holdings during the recent crash.
Last week’s rollercoaster continues to impact the cryptocurrency market in one or more ways, as IntoTheBlock data indicated that approximately 40,000 BTC had made their way into exchanges since May 11. While this has increased the selling pressure, there’s some good news since bitcoin actually managed to remain above $28,000, which was a pivotal mark.
Despite this increased selling pressure, though, the company revealed that bitcoin “has been able to sustain above $28K.” Moreover, the cryptocurrency even spiked to above $31,000 a few days ago but was unable to continue upwards.Roughly 40,000 BTC has been spotted as inflows into exchanges. This coincides with the downwards sell pressure that we have been experiencing.
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