Quick Take
Bitcoin market dynamics are showing a notable shift, as evidenced by the massive outflows from exchanges. According to recent data, in the span of two days, exchanges experienced a substantial outflow of Bitcoin, amounting to approximately $430 million.
On Oct. 16 alone, an estimated $250 million left exchanges, followed by a subsequent $200 million on Oct. 17. Interestingly, around half of these outflows originated from Binance, one of the leading cryptocurrency exchanges globally.
These outflows signal a decrease in Bitcoin on exchanges, which has led to a consequential rise in Bitcoin’s price, from roughly $26,500 to $28,500, a significant leap within a short timeframe.
Over four days, from Oct. 14 – Oct. 17, approximately 16,000 Bitcoin have been withdrawn from exchanges. Furthermore, the total number of Bitcoin held in exchange wallets is approaching a year-to-date low, with the count nearing the 2.3 million Bitcoin mark.
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