Over 70,000 BTC Recently Moved Out of Exchanges – the Highest Outflow in 6 Months.
Over 70K BTC worth $1.5B+ was taken out of exchanges on Wednesday, marking the biggest outflow volume in 6 months.
Bitcoin (BTC) has recently witnessed massive exchange outflows. Most recently, over 70,000 BTC, worth $1.52B, was just taken out of exchanges on October 26, crypto market analysis platform IntoTheBlock revealed.
“Bitcoin just recorded its largest net outflow from exchanges in 6 months.
Over 70k $BTC worth $1.52B left exchanges on October 26,” IntoTheBlock disclosed in a tweet Friday.
#Bitcoin just recorded its largest net outflow from exchanges in 6 months
— IntoTheBlock (@intotheblock) October 28, 2022
The platform shared a Bitcoin Exchange Netflow chart to corroborate its claims. Data from the chart reveals that the outflow of $1.52B worth of BTC coincided with the period the asset surged above the $20,500 price mark.
Additionally, BTC has witnessed periodic outflows from exchanges since mid-September despite the prevailing bear market. Sometime late September, whales moved BTC worth over $850M out of exchanges.
As a testament to the wave of massive outflows, the Bitcoin Exchange Reserve chart from CryptoQuant reveals some promising metrics. Data from the chart indicates a trend of decreasing BTC reserves on exchanges. The trend began in late September and lowered the BTC Exchange Reserve to a current value of 2.1M – the lowest seen this year.
Furthermore, the Coinbase Premium Index shows some slightly-improved metrics, as data reveals an increase in U.S. investors’ buying pressure. Additionally, sentiments have seen a mild improvement as well, with the Funding Rate indicating the dominance of long traders.
Despite these propitious indications, whales have recently been on a selloff spree as the BTC price attempts to settle above the $20k level. On Tuesday, BTC soared above $20k for the first time since the first week of October. The price surge saw an increase in whale selloffs, posing a threat to the asset’s goal to solidify its position above $20k.
Notwithstanding a 6.35% increase in 7 days, BTC has dipped by 2% in the past 24 hours, changing hands at $20,188 as of press time. Following an increase to $20,900 – Bitcoin’s highest value since mid-September – the asset was met with a rejection that currently threatens its position above $20k.