Market sell-off is continuing and traders continue to move billions into the exchanges. A total of $15 Billion worth of different cryptocurrency has been transferred into the crypto market so far.

Massive Crypto Sale

Recent events are a result of the market sell-off that has caused an average decline of 13% in the entire cryptocurrency market.

Exchanges have seen approximately $15 billion of currency inflows over the last week.

Glassnode’s data showed that last week $7.8billion in BTC were moved into the market and $7.7billion was taken out. $3.8 billion worth of Ethereum was injected, $3.4 billion was withheld, $4.1 billion in Tether and $4.4 billion were taken out.

The total market capitalization for cryptocurrency fell to $1.7 billion in the week that ended, which resulted in an additional $300 billion plunge.

The Flipside

• Tether had the only negative exchange flow due to traders withdrawing $200 million more on exchanges than originally deposit.
• A negative flow for the largest stablecoin indicates how investors would rather have USD exposure than BTC.

Why you should care

These trader behaviors are closely tied to Bitcoin’s performance (BTC), the biggest cryptocurrency token. Bitcoin lost more than 13% in value.

Altcoins, such as Ethereum (ETH), (ADA), have been also experiencing a decline in value. They are now trading at a significant discount compared with last week.

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