Bitcoin whales jumping ship as exchange inflows reach 3-month high

cointelegraph.com:

The number of Bitcoin whales is rapidly decreasing to levels not seen since earlier this year, possibly due to the three-month high of coin inflows to centralized exchanges (CEXs).

Bitcoin (BTC) market tracker Glassnode has issued several bearish indicators for the largest cryptocurrency by market cap, including data suggesting a market exit for whales holding at least 1,000 coins, and exchange inflows of more than 1.7 million coins, the most since February.

#Bitcoin $BTC Exchange Inflow Volume (7d MA) just reached a 3-month high of 1,755.021 BTCPrevious 3-month high of 1,729.605 BTC was observed on 08 May 2022View metric:https://t.co/1S6EbDkdOO pic.twitter.com/8kSJPOLJXW

High CEX inflows of BTC suggest whales are potentially exiting the market by selling coins, possibly as a way to prepare for a longer market downtrend. Cointelegraph reported on May 7 that recent sell-offs were likely executed by short-term holders who had accumulated coins in late January and early February when prices had reached a 6-month low of about $34,800.

Unfavorable outlooks on the market based on hard data have led the Bitcoin Fear and Greed Index to drop to 11, the “Extreme Fear” region. The index rates the general amount of fear or greed among Bitcoin investors.

Bitcoin Fear and Greed Index is 11 — Extreme FearCurrent price: $34,041 pic.twitter.com/PQK3x6YMok

Despite the poor sentiment, BTC daily transactions do not yet appear to have been negatively affected. According to on-chain data from YCharts, there were 233,892 daily transactions worth about $30 billion on May 8, which has been about the average since January.

Lead on-chain analyst at Glassnode “Checkmate” tweeted on Sunday “Many of you are waiting for the Bitcoin ‘capitulation wick’,”