Bitcoin (BTC), the world’s largest cryptocurrency, continues to plummet at an unparalleled rate. So, Bitcoin is down another 8% as of press time, falling below $31,000 for the first time since July 2021.
Bitcoin whales have been depositing enormous amounts of BTC on exchanges, according to on-chain data. According to CryptoQuant, BTC inflows across all exchanges have reached a one-year high. Inflows into the spot market have also reached a two-year high.
According to Santiment’s on-chain data, over 40K Bitcoins were transferred to exchanges on Monday, the greatest single-day inflow since December 2019. Santiment observes:
Huge Bitcoin Shorts are Arriving
Santiment, an on-chain data supplier, reports…
It indicates the chaos on the crypto street isn’t going away anytime soon, and investors are due for more misery. The US equities market, on the other hand, shows no indications of turning around and continues to fall.
The Nasdaq Composite (INDEXNASDAQ:.IXIC) was down 4.29 percent on the day, dropping more than 500 points. On Monday, the Dow Jones fell 2% and the S&P 500 fell 3.2 percent.
The total value of bitcoin has dropped 10% to $1.4 trillion. With all of the controversy surrounding the UST stablecoin losing its dollar peg, Terra’s LUNA remains the largest loser.
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