In the past 24 hours, the cryptocurrency market has suffered a $ 350 million settlement shock. Of these, 35% were made up of bitcoin (quotation BTC) for a total of $ 123.000, according to Coinglass data. This situation has caused their prices to be pushed down, with a sales force exceeding demand.
This drop in cryptocurrencies came days after unusual moves were detected by some large market players. According to CryptoQuant's on-chain data, whales (high net worth bitcoin investors) have moved 15.000 BTC from their wallets they have held for over 7 years.
This equates to more than $ 283 million at the moment
As the chart shows, it is unusual for whales from over 7 years ago to suddenly shift such volumes of bitcoin. In fact, the market hadn't seen a transaction of this type since last April, when the market was also preparing for a crash.
The move was split into three transactions of 5.000 BTC each on different days during the week from August 27 to September 3. As previously reported, it was verified that some of these bitcoins were sent to the Kraken exchange, probably for the purpose of selling them.
If that sale had taken place, it could have brought bitcoin and, consequently, other cryptocurrencies down. Although it is worth noting that this is not the only factor that may have affected the market this week. Several experts argue that the reason behind the decline is the uncertainty of the markets in general.
Risk appetite is currently low due to the macroeconomic environment, which causes investors to shy away from risk assets such as bitcoin. In recent times, this situation may have been exacerbated by fears of rising inflation and interest rates in the United States, due to the strengthening of the dollar as a "savings currency".
Digital asset investment products are seeing more inflows from outside the United States
In this regard, explorer CoinShares reported that digital asset investment products recorded an all-time low trading volume totaling $ 915 million last week. In terms of inflows, he noted that there is "diverging sentiment at the regional level, despite the small size of trade".
It noted that Canada, Brazil, Switzerland and Germany had inflows of between $ 4,7 million and $ 1,6 million each. You also highlighted negative sentiment in the United States, where inflows totaled $ 0,8 million. Right after the Jackson Hole event, in which the Fed "expressed a much more hawkish view, unexpected by some investors."
Regarding Bitcoin investment products in particular, he mentioned that it has seen outflows totaling $ 11 million, representing the fourth consecutive week of outflows. However, he noted that short derivatives had a record inflow of $ 18 million.
