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Bitcoin (BTC) exchanges have seen huge volumes this month as price declines lead to renewed interest in trading.

Data from sources including on-chain analytics firm Glassnode shows exchange inflows hitting their highest since March 2020.

“The scent of volatility is in the air”

On Sept. 14, over 236,000 BTC made its way to the 1 major exchanges tracked by Glassnode.

This was the largest single-day spike since the chaos that surrounded Bitcoin’s dip to just $3,600 in March 2020.

Bitcoin total transfer volume to exchanges chart. Source: Glassnode

The sell-offs in May 2021 and May and June this year failed to match the tally, suggesting that more of the Bitcoin investor base is currently aiming to reduce exposure.

Separate data from analytics firm Santiment covering both centralized and decentralized exchanges put the total inflow figure for the week through Sept. 13 at 1.69 million BTC.

“This was the highest amount of $BTC moved since October, 2021,” it added in Twitter comments.

As BTC/USD dipped to near $19,600 this week, meanwhile, some “unusual” signals were coming from interactions with exchanges from both larger and smaller hodlers, according to commentator David P. Ellis.

The action follows the curious movement of long-dormant coins at the start of September, an event initially attributed to the now-defunct exchange Mt. Gox.

Miners slow BTC sales

Returning to trading platforms themselves, Glassnode indicates that exchange balances have increased by roughly 80,000 BTC since the end of August.

Related: Bitcoin price threatens $19.6K as Ray Dalio predicts 30% stocks crash

Miners, which in August finished a “capitulation” period in a typically bullish sign for the market, have also continued to sell holdings throughout recent weeks.

Bitcoin miner net position change chart. Source: Glassnode

The trend, however, is toward miners returning to net hodling BTC that they earn.

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