Bitcoin has received the largest influx of user funds since the infamous China crash of March 2020, according to a new report. The cryptocurrency is continuing its strong recovery after the China crash, with the number of people signing up to a popular exchange growing by over a third in the past month. Blog Post: The report – compiled by cryptocurrency experts the Crypto Currency Society (CSC) – found the number of registered accounts on the largest exchange, Bitfinex, grew by 35% in July, representing an inflow of $4.5 billion. The rise in user funds follows a month-on-month decline of 20% in June, which the report suggested was due to the recent rise in Bitcoin’s value. An increasing number of new accounts
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Bitcoin (BTC) is doing very well, with traders sending more coins to exchanges than at any time since the March 2020 collapse.
Data from CryptoQuant and blockchain monitoring resources Glassnode show that BTC’s entries to the exchange on the 13th. May was a record month for the year.
Nearly 30,000 BTC affectexchanges
Bitcoin has been under heavy selling pressure this week as numerous news triggers have turned many bearish.
Tesla’s refusal to pay in BTC, followed by rumors of a regulatory investigation into the operations of a major Binance exchange in the U.S., was enough to cause the BTC/USD exchange rate to drop to a low of $46,000, before stabilizing thereafter.
According to Cointelegraph, the decline could have been much worse, as long-term price characteristics provided support at critical levels.
At the time of writing, however, $50,000 remains out of reach as players lick their wounds and assess bitcoin’s next likely move.
The data tracking the behavior of traders shows the extent of the decline and also suggests that bitcoin has weathered the storm quite well.
On Thursday, inflows to the exchanges reached 30,000 BTC ($1.47 billion), while liquidations totaled $200 million in just ten minutes at the height of price volatility.
Graph of net flows of bitcoin exchanges. Source: William Clemente/Twitter
Yesterday was the biggest comeback in the stock market since last March’s crash, analyst William Clemente summed up Friday.
BTC has held up well, considering the $200 million liquidated in 10 minutes.
The influx of funds to the exchanges reflects the desire to sell BTC as quickly as possible. Some people don’t dump their assets for cash, but take a position in stable currencies and then buy them back when prices stabilize. As a result, outflows may soon increase as panicked investors join buyers for the bears.
Ki Young Joo, CEO of CryptoQuant, continued his analysis by noting that whales are still sending more coins than usual to exchanges, a possible sign that the bearish phase is not quite over.
If you are trading derivatives, be careful in the short term. (Relatively speaking) whales contribute $BTC to the exchanges, he told his followers on Twitter.
Graph of incoming flows on bitcoin exchanges. Source: Ki Young Joo/Twitter
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