The exchange supply of bitcoin increased significantly just prior to Grayscale's win over the SEC, according to analytics firm Santiment.
Bitcoin chalked out a vigorous rally on Tuesday after a U.S. court ruled that the Securities and Exchange Commission was wrong in denying crypto asset manager Grayscale's request to convert its bitcoin trust into an exchange-traded fund , asserting that the decision was"arbitrary and capricious."
Perhaps some traders anticipated the price boost and prepared for the same in advance by moving coins to exchanges. Investors typically move coins to exchanges when they are intending to liquidate holdings or deploy their coins as margin for derivative trading. Hence, an uptick in exchange inflows is often seen as a harbinger of price turbulence.
Data tracked by South Korea-based CryptoQuant shows the mean inflow or amount of BTC transferred to exchanges per transaction rose to 1.146, the highest since June 21, as prices rallied to $28,000.An uptick in the mean inflow indicates investors are sending a large number of coins in a transaction, a hint of potential selling pressure.
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