Investors Flee From Bitcoin As Addresses Sending BTC To Crypto Exchanges Reach 4-Year High

Holders of the world's first cryptocurrency Bitcoin BTC/USD are seemingly emptying their bags after the collapse of cryptocurrency Terra LUNA/USD, which occurred when the price of stablecoin TerraUSD UST/USD dropped, causing the sale of a large quantity of Bitcoin in an attempt to save UST's peg.

What Happened: The seven-day moving average of the number of Bitcoin addresses sending their BTC to cryptocurrency exchanges just reached a 4-year high of 7,918.940.

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The Tuesday tweet by Glassnode Alerts (the Twitter profile sharing on-chain trends of blockchain data firm Glassnode) also pointed out that the previous 4-year high of 7,903.512 was observed on May 13, 2021.

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The report follows Monday's data showing that the same metric reached a one-year high of 7,788 and that Bitcoin's stock-to-flow (S2F) deflection just reached an all-time low of 0.276 — meaning that Bitcoin is now worth only 27.6% of what the S2F model estimates as its value.

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