Bitcoin price surge sees significant asset outflow on crypto exchanges

<p> <br />
</p>
<div data-v-3d3be88a="">
<p>Major crypto exchanges recorded a net outflow on Oct. 24 as the price of Bitcoin (BTC) briefly touched the $35,000 mark for the first time in a year. The movement of funds away from exchanges is considered a bullish sign, as it indicates traders are moving their assets away from exchanges to secure storage, expecting prices to increase.</p>
<p>According to data shared by crypto analytic firm CoinGlass, Binance saw the biggest outflow, with over $500 million moving off the exchange over the past 24 hours, followed by crypto.com with $49.4 million in outflows, and OKX with $31 million. Most other exchanges recorded less than $20 million in outflows.</p>
<p>Outflows from crypto platforms recently have led to “bank run” fears after the FTX collapse in November 2022. However, the most recent outflows align more with trader sentiment than fear-induced withdrawals during the peak bear market. Glassnode data confirms that the Bitcoin outflows from exchanges over the past few days have risen in line with BTC’s price surge.</p>
<figure><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-10/a2bad631-9c4f-4258-839b-99fe22c76c7c.png" alt="" title="" /><figcaption><em>Bitcoin exchange outflows. Source: Glassnode</em></figcaption></figure>
<p><strong><em>Related: </em></strong><strong><em>BTC price nears 2023 highs — 5 things to know in Bitcoin this week</em></strong></p>
<p>The price surge also led to the liquidation of roughly $400 million worth of short positions. Over the last 24 hours, 94,755 traders saw derivative positions liquidated. The largest single liquidation order happened on Binance, worth $9.98 million.</p>
<p>On-chain analysts also pointed toward the market value to realized value (MVRV) ratio, a metric that compares the asset’s market value to its realized value. It is calculated by dividing a cryptocurrency’s market capitalization by its realized capitalization. The realized price is determined by the average price at which each coin or token was last moved on-chain. The MVRV ratio currently sits at 1.47. The last time there was a bull run, the MVRV ratio was 1.5.</p>
<blockquote>
<p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> hit $35K. Wallets in profits hit 79.72%.</p>
<p>The Bull Market starts when the MV Ratio stays above 1.5.</p>
<p>We&#8217;re now at 1.47. I&#8217;m positive about <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> hitting $40K in the next few days, which will send the MV ratio to 1.6. <a href="https://t.co/uCgdNLGRnq">pic.twitter.com/uCgdNLGRnq</a></p>
<p>— hitesh.eth (@hmalviya9) <a href="https://twitter.com/hmalviya9/status/1716691890089668767?ref_src=twsrc%5Etfw">October 24, 2023</a></p></blockquote>
<p>The total crypto market cap has risen over 7.3% in the last 24 hours to $1.25 trillion, its highest valuation since April. The catalyst behind the surge is believed to be further speculation around the launch of a spot Bitcoin exchange-traded fund.</p>
<p><strong><em>Magazine: </em></strong><strong><em>Big Questions: Did the NSA create Bitcoin?</em></strong></p>
<p><template data-name="subscription_form" data-type="markets_outlook"/></div>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script><br />
<br /><br />
<br /><a href="https://cointelegraph.com/news/bitcoin-price-asset-outflow-crypto-exchanges">Source link </a></p><p>The post <a href="https://forextraderhub.com/bitcoin-price-surge-sees-significant-asset-outflow-on-crypto-exchanges.html">Bitcoin price surge sees significant asset outflow on crypto exchanges</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>