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Despite Falling Prices 70,000 Bitcoin Leaves Exchanges

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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.

 

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.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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