63K BTC Shifted to Exchanges as Price Dips

63,000 BTC Sent to Exchanges in Last 72 Hours Amid Bitcoin Dip

As Bitcoin dip continues to pinch the crypto market, latest data shows that over 63,000 BTC worth $1.83 billion, was sent to crypto exchanges starting from Oct. 7, 2024.

CryptoQuant has revealed that roughly 28,000 BTC was sent to exchanges on October 7, after that 23,500 BTC was sent to exchanges on October 8, and around 12,000 coins were sent on October 9.

63,000 BTC Sent to Exchanges Amid Bitcoin Dip
Courtesy: CryptoQuant

The data indicates that investors might be transferring Bitcoins from cold storage to exchange wallets in order to prepare to sell in the near future if not immediately.

The series of transfers were triggered as Bitcoin fell from $64,000 to approximately $62,000 by the end of the trading day on October 7, due to higher-than-expected inflation data and an spike in jobless claims.

Note that it was also around the same time when the United States Supreme Court declined to hear the Battle Born Investments vs United States lawsuit. The transfers of Bitcoin to exchanges were also triggered as investors started to fear that a potential sell-off of the seized 69,370 Bitcoin (worth $4.38 billion), by the United States government will place even more downward pressure on the price of Bitcoin.

Bitcoin is currently trading at $60,607.28 after a further dip of 0.28 % in the past day, and 0.68% slash in the past 7 days.

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Ritu Lavania
Written by Ritu Lavania

Ritu Lavania is a versatile Web3 content creator with over three years of experience in the crypto space. She is part of the team at CryptoNewsZ, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, SEO, and cross-functional collaboration, she creates content tailored to diverse audiences. Passionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.