Data: More than 30,000 bitcoins flowed into trading platforms on Monday, setting a record for the largest single day since March 12

According to BlockBeats, on May 19, on-chain data showed that the amount of bitcoin flowing into cryptocurrency trading platforms surged to a 15-month high on Monday, which may indicate that more and more retail traders want to cash in their bitcoin holdings in a falling market.

Data provider Glassnode shows that the net inflow of Bitcoin into cryptocurrency trading platforms was 30,749.89 on May 17. This is the largest single-day record since March 12, 2020, when more than 40,000 Bitcoins flowed into crypto trading platforms.

According to FTX market data, Bitcoin fell to $42,102 on Monday, a weekly drop of more than 20%, and the price has reached its lowest level since February 8. This is related to Tesla CEO Elon Musk's remarks on Twitter, when he hinted that Tesla would sell its Bitcoin holdings this quarter. Although Musk later clarified that he did not sell the Bitcoin he held at the time, the price of Bitcoin has not yet recovered to its previous level.

Data showed that the majority of bitcoin flowing into exchanges on Monday was flowing into Binance. Meanwhile, U.S. trading platform Coinbase continued to see bitcoin outflows, which could indicate continued demand from institutional investors seeking to buy dips in prices.

About 26,000 bitcoins flowed into the Binance exchange, accounting for nearly 80% of the total number of bitcoins flowing into the exchange. At the same time, only 146 bitcoins flowed out of Coinbase in the United States.

The net fund flows of the two exchanges have shown very different trends in recent weeks. Since April 19, the balance held by Coinbase has decreased by 34,408 Bitcoins. Meanwhile, the Bitcoin held by Binance has increased by 95,397 Bitcoins in four weeks.

“Since Bitcoin surpassed its all-time high of $20,000 last cycle, Coinbase has seen almost all of its net Bitcoin outflows, a trend that has continued this week,” Glassnode said in its weekly newsletter published on Monday. “Coinbase is the preferred venue for U.S. institutions to accumulate funds, and given the size of typical daily withdrawals (10,000 to 20,000 per day), this suggests that larger buyers are still actively accumulating funds during this correction.”

However, these data do not mean that users will immediately liquidate their cryptocurrencies. Some traders prefer to sell their Bitcoin and exchange them for other altcoins.