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Data: More than 30,000 bitcoin entered the trading platform on Monday, the largest one-day record since March 12

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More than 80 percent of that went to Binan, but outflows from Coinbase continued to decline.

The number of Bitcoins flowing into cryptocurrency exchanges surged to the highest level in 15 months on Monday, on-chain data showed, in a possible sign that more retail traders are looking to cash out their bitcoin holdings in a falling market.

The cryptocurrency exchange saw a net inflow of 30,749.89 bitcoins on May 17, according to data provider GlassNode. It was the biggest single day record since March 12, 2020, when more than 40,000 Bitcoins flowed into crypto exchanges.

Bitcoin fell to $42,102 on Monday, down more than 20% for the week and the lowest price since Feb. 8, according to FTX data. This is related to comments by Tesla CEO Elon Musk on Twitter, when he hinted that Tesla would sell its bitcoin holdings this quarter, although Musk later clarified that it did not sell its bitcoin holdings at the time, but the price of bitcoin has yet to recover to its previous level.

The data showed that most of the bitcoin that flowed into exchanges on Monday was pouring into Binan platforms. Meanwhile, the US exchange Coinbase continued to see outflows of bitcoin, which could indicate continued demand from institutional investors looking to buy at lower prices.

About 26,000 Bitcoins flooded into Binance exchanges, accounting for nearly 80% of the total bitcoin inflows, while only 146 Bitcoins flowed out of the U.S. -based Coinbase.

In recent weeks, the two exchanges have seen sharply different trends in net flows. The balance held by Coinbase has fallen by 34,408 bitcoins since April 19. Binance's holdings, meanwhile, have increased by 95,397 bitcoins in four weeks.

"Almost all of Coinbase has seen net outflows of bitcoin since the all-time high above $20,000 in the last cycle, and the trend continued this week," GlassNode said in its weekly newsletter published on Monday. "Coinbase is the preferred place for US institutions to accumulate funds, and given the typical daily withdrawals (10,000 to 20,000 a day), this suggests that larger buyers are still actively accumulating funds during this correction."

However, the data does not mean that users will immediately liquidate their cryptocurrency holdings, as some traders prefer to sell their bitcoin holdings and exchange them for other fake tokens.