Since May 2022, the cryptocurrency market has seen significant downward movement, with prices plummeting due to increased pressure from sellers as the Federal Reserve announced and began raising interest rates.
When holdings of Bitcoin (BTC) are moved from cold wallets to spot markets, this is often seen as an indication of an intent to sell; often, supply will end up being higher than demand, which can lead to a steep drop in price.
Notably, 1.69 million Bitcoin (currently the equivalent of $33.5 billion) was moved to crypto exchanges from September 7 to 13th, the highest amount of BTC moved since October 2021, according to data from behavior analysis platform Santiment.
Interestingly, this inflow into exchanges across seven days is the most significant weekly spike in the last 11 months. Even if the Merge date has at long last arrived, some market watchers anticipate a precipitous drop in the price of Bitcoin.
Bitcoin drops after CPI data
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