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The global digital asset market is trading under spiked selling pressure as the volatility increases. The world’s largest cryptocurrency, Bitcoin price has dropped by over 20% over the past 30 days. However, this price action has opened the gates for investors to buy the dip.
Bitcoin price down; Buy the dip?
According to glassnode data, Bitcoin Exchange Outflow has hit the all time high (ATH). A total of 179,250 Bitcoin have left from crypto exchanges on a net basis over the last 30 days. This suggests that the market is approaching its bottom now.
Data suggests that Bitcoin’s number of exchange deposits (7d MA) has gone on to hit 2 year low of 1,735.12.
As per reports, BTC flowing out of exchanges at a rate of over 172k per month. This has surpassed the previous high set after June 2022 sell off. However, the total confirmed transactions also saw an uptrend over the last two weeks. Glassnode reported that accounts holding more than 1 Bitcoin reached it ATH of 951,823.
Coingape reported that BTC has reached the same level as the previous bear markets. Bitcoin price may recover based on historical data.
Bitcoin price has dropped by 20% in the last 30 days. BTC is trading at an average price of $16,608.5, at the press time. It is holding a market of over $319.1 billion. However, Bitcoin’s dominance has shrunk to stand at 37.8%.
Confirmed transactions hit ATH
Total confirmed transactions breached the multi month high of 246K transactions per day. It is important to note that 29.2% (77.1k withdrawals) of the total transactions were related to exchange withdrawal transfers. While 18.2% (48.1k deposits) are recorded to exchange deposit transfers.
The explosion of exchange related activity has moved the dominance of exchange deposits or withdrawals to 47.4% of the whole. This is recorded to be the highest level on year to date (YTD) basis. Higher exchange dominance is usually linked with a bull market and high volatility sell of events.
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