Holders of the world's first cryptocurrency Bitcoin (CRYPTO: BTC) are seemingly emptying their bags after the collapse of cryptocurrency Terra (CRYPTO: LUNA), which occurred when the price of stablecoin TerraUSD (CRYPTO: UST) 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.
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.
See Also: How To Earn Free Crypto
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.
