Glassnode reported that a total of $15 billion worth of different cryptocurrencies were transferred to cryptocurrency exchanges amid a massive market sell-off that caused the entire cryptocurrency market to fall by an average of 13 percent.

Last week, exchanges faced about $15 billion in inflows of cryptocurrencies such as ethereum, bitcoin and USDT, according to the data provided. The number of smaller cryptocurrencies that were transferred to exchanges remains undisclosed. In addition, it is unclear which exchanges are included in the data provided.

Last week, the total market capitalization of the cryptocurrency market fell to $1.7 trillion, resulting in a drop of about $300 billion.

How many exchanges are left?

Despite the fact that traders are moving more digital money to exchanges rather than withdrawing it, there is still a large amount of money leaving exchanges. According to the same data provided, almost the same amount left the cryptocurrency exchanges.

Tether saw the only negative trading flows as traders withdrew $200 million more from the exchange than they initially deposited. But the negative flows in the market's largest stablecoin may indicate that investors now prefer more stable options and prefer dollar exposure to BTC.

This shift in behavior is likely related to the performance of the first cryptocurrency to plunge more than 13%. Alternative cryptocurrencies such as Ether and Caldano are also depreciating during the market correction, currently trading at a discount of about 12% compared to last week.

At press time, bitcoin was trading at $38,445, up 2% in the last 24 hours.