As the market sell-off continues, traders are moving billions of dollars out of and into exchanges.
According to Glassnode, a total of $15 billion worth of various cryptocurrencies was shifted to cryptocurrency exchanges during a significant market sell-off that resulted in a 13% dip in the overall cryptocurrency market.
According to the information presented, exchanges have seen around $15 billion in inflows of currencies such as Ethereum, Bitcoin, and USDT during the last week.
The amount of lesser altcoins transferred to exchanges is unknown. Furthermore, it is unclear which exchanges are included in the statistics supplied.
The total capitalization of the cryptocurrency market plummeted to $1.7 trillion in the last week, a drop of almost $300 billion.
Despite the fact that traders transferred more digital cash to exchanges than were withdrawn, there is still a significant amount of money leaving exchanges. Almost the same amount of money departed crypto exchanges, according to the same statistics.
Tether had the sole negative exchange flow, as traders withdrew $200 million more from exchanges than they had deposited.
However, a negative flow for the largest stablecoin on the market may indicate that investors are now looking for more stable options and prefer USD exposure over BTC.
The performance of the first cryptocurrency, which dropped by more than 13 percent, is most likely to blame for such a shift in behavior.
Alternative cryptocurrencies including as Ethereum and Cardano have also lost value as a result of the market correction, and are now selling at a discount of roughly 12% compared to last week.
At the time of writing, Bitcoin is trading at $38,445, up 2% in the last 24 hours.