Bitcoin (BTC) exchanges have seen heavy volumes this month as falling prices have led to renewed interest in the trade.
Data from sources including on-chain analytics firm Glassnode show that exchange flows have reached their highest since March 2020.
“The smell of volatility is in the air”
On September 14th, more than 236,000 BTC reached the top 1 exchanges tracked by Glassnode.
This was the biggest one-day rally since the chaos that surrounded Bitcoin’s fall to just $3,600 in March 2020.
Sales in May 2021 and May and June this year did not match the figure, suggesting that a larger portion of Bitcoin’s investor base is aiming to reduce exposure.
Separate data from the analysis firm Santiment coverage both centralized and decentralized exchanges put the total inflow figure for the week to September 13 at 1.69 million BTC.
“This was the highest amount of $BTC moved since October 2021,” he added in Twitter comments.
While BTC/USD dipped near $19,600 this week, meanwhile, some “unusual” signals came from interactions with exchanges from both larger and smaller hodlers, according to commentator David P. Ellis.
The killer whales threw up 11.8 thousand coins, but the minnows returned in the tens of thousands, probably because the highs are starting to sink. Exchange flows held today for the first day in three, but volume was still well above average. The smell of volatility is in the air.
go #BTC . pic.twitter.com/ltSWkrb2QK
— David P. Ellis (@DavidPBitcoin) September 16, 2022
The action follows the curious movement of long-dormant coins in early September, an event initially attributed to current exchange Mt. enjoy
Miners slow down BTC sales
Returning to the trading platforms themselves, Glassnode indicates that exchange balances have increased by approximately 80,000 BTC since the end of August.
Related: Bitcoin price threatens $19.6k as Ray Dalio predicts 30% drop in shares
Miners, that in August ending a period of “capitulation” in a typically bullish sign for the market, they have also continued to sell stakes in recent weeks.
The trend, however, is for miners to return to net BTC they earn.
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