Close Menu
    X (Twitter)
    Blockchain Journal
    • News
      • Blockchain News
      • Bitcoin News
      • Ethereum News
      • NFT
      • DeFi News
      • Polkadot News
      • Chainlink News
      • Ripple News
      • Cardano News
      • EOS News
      • Litecoin News
      • Monero News
      • Stellar News
      • Tron News
      • Press Releases
      • Opinion
      • Sponsored
    • Price Analisys
    • Learn Crypto
    • Contact
    • bandera
    Facebook X (Twitter) Instagram
    Blockchain Journal
    Home ยป Bitcoin: Bullish Trend Leads to Asset Outflows from Exchanges

    Bitcoin: Bullish Trend Leads to Asset Outflows from Exchanges

    0
    By guido on October 24, 2023 Bitcoin News, Cryptocurrencies
    btc exchange outflows
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Bitcoin recently reached $35,000, touching that level for the first time in a year. The surge in BTC’s price set off a series of movements in the market, including a significant outflow of assets from exchanges.

    The outflow of assets from these exchanges is seen as a positive sign, indicating that traders and investors are withdrawing their assets from these platforms with the intention of preserving them rather than selling. In other words, they are betting on Bitcoin’s prices continuing to rise.

    Binance leads the way in this asset outflow, with over $500 million withdrawn from the platform in a 24-hour period. They were followed by crypto.com, with $49.4 million in outflows, and OKX, with $31 million. Other exchanges recorded more modest outflows, generally below $20 million. This data is presented by CryptoQuant.

    bitcoin outflow

    Bitcoin Reflects Investor Optimism

    The outflow of assets marks a contrast with the panic-driven withdrawals seen after the collapse of FTX in November 2022. Instead, these outflows appear to reflect the optimistic sentiment of traders who anticipate Bitcoin’s price to continue rising.

    Furthermore, the increase in Bitcoin’s price led to the liquidation of approximately $400 million in short positions within a 24-hour period. Around 94,755 traders witnessed their derivative positions being liquidated, with the largest liquidation order taking place on Binance, amounting to $9.98 million.

    Analysts are also keeping an eye on the “market value to realized value” (MVRV) ratio, which compares Bitcoin’s market value to its realized value. Currently, this ratio stands at 1.47. Historically, a similar value of 1.5 has coincided with a bullish period in the market.

    #Bitcoin hit $35K. Wallets in profits hit 79.72%.

    The Bull Market starts when the MV Ratio stays above 1.5.

    We're now at 1.47. I'm positive about #bitcoin hitting $40K in the next few days, which will send the MV ratio to 1.6. pic.twitter.com/uCgdNLGRnq

    — hitesh.eth (@hmalviya9) October 24, 2023

    The overall market has experienced a 7.3% increase in its total value over the past 24 hours, reaching a valuation of $1.25 trillion, its highest level since April. This surge is attributed, in part, to the speculation surrounding the imminent launch of a Bitcoin exchange-traded fund (ETF).

    Bitcoin exchanges Featured
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    guido

    Related Posts

    Ethereum ICO whale stakes 150,000 ETH ($646M) after three years of inactivity, reducing supply and signaling confidence

    September 5, 20253 Mins Read

    Solana pulls back after profit taking near the $210โ€“$212 barrier

    September 5, 20253 Mins Read

    Ether leads crypto market decline amid ETF outflows, whale accumulation, and regulatory uncertainty

    September 5, 20253 Mins Read

    Historic wallet awakens: 479 BTC (52 million USD) moved after 13 years

    September 5, 20253 Mins Read

    World Liberty Financial Blocks Justin Sun’s Wallet Amid WLFI Controversy

    September 5, 20253 Mins Read

    XRP hangs on the hope of a short squeeze amid a stalemate between buyers and sellers

    September 4, 20253 Mins Read

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2025 Blockchain Journal

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.