Biggest Crypto Gainers Today on DEXTools – PARROT, ANUBIS, SOJU
Bitcoin exchange inflows have reached one-month highs according to data from Glassnode, signaling increasing selling pressure as the price of Bitcoin has fallen below $26,000.
The one-day moving average of bitcoin's exchange net flow reached $9.75 million on August 16, marking the highest level seen in the past month.
Glassnode also reported that the amount of bitcoin sent to exchanges recently hit a 4-month high of approximately 370 BTC.
Despite Bitcoin's price dipping under $26,000, some cryptocurrencies are making gains. What are the biggest crypto gainers today on DEXTools?
The metric is designed to monitor the cumulative transfer of Bitcoin to and from wallets that belong to centralized exchanges.
A high positive figure indicates growing reserves on exchanges, which typically precedes periods of selling activity.
Bitcoin has fallen over 20% from highs of around $28,000 last week, erasing gains made following a court victory by Grayscale over the SEC regarding a bitcoin spot ETF.
The decline comes as the SEC postponed decisions on several bitcoin ETF applications that were anticipated on Friday, September 1.
According to analyst Ki Young Ju of CryptoQuant, bitcoin velocity recently hit a 3-year low, suggesting that long-term holders are inclined to sell at current levels. The Average Dormancy metric has also risen, meaning more older coins are being spent.
"Although the current price is below the 2021 all-time high, it’s evident that long-term bitcoin holders are capitalizing on the surge and changing hands," said Ju.
"The market psychology is atrophied, the turnover rate has fallen, and the old hands are changing hands - it seems to be a difficult condition for a strong rise right now."
Bitcoin is currently trading around
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