Bitcoin: Could ‘Shrimps’ beat ‘Whales’ to invalidate bearish stance
The overall cryptocurrency market cap shed more than 6% and stood at $1.4T in value as per CoinMarketCap. Bitcoin, Ethereum, and other alternative coins suffered the same fate as the bloodshed continued to intensify. Bitcoin, the largest crypto, fell by more than 6% as it traded around the $31k mark, at press time.
Now, to curb losses, holders aimed to de-risk their portfolios.
Source:Santiment
The Bitcoin network saw a net 40.6K BTC moving into exchanges. This means investors sent BTC into exchanges to either de-risk their portfolio or to protect margin positions with more collateral.
This exodus is visible in the graph above. And, it is the largest spike since December 2019. As per the analytical firm, Santiment, this marked “maximal crowd polarization.”
Data from Cryptoquant added that the spot exchange inflows hit a new two-year peak as BTC whales deposited their holdings in exchanges.
<p lang=«en» dir=«ltr» xml:lang=«en»>$BTC whales are depositing their holdings in exchanges1. All Exchanges Inflow hits a 1-year high 2. Spot Exchanges Inflow hits over a 2-year high
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