{"id":24041,"date":"2023-10-24T11:31:14","date_gmt":"2023-10-24T11:31:14","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-price-surge-sees-significant-asset-outflow-on-crypto-exchanges\/"},"modified":"2023-10-24T11:31:17","modified_gmt":"2023-10-24T11:31:17","slug":"bitcoin-price-surge-sees-significant-asset-outflow-on-crypto-exchanges","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-price-surge-sees-significant-asset-outflow-on-crypto-exchanges\/","title":{"rendered":"Bitcoin price surge sees significant asset outflow on crypto exchanges"},"content":{"rendered":"
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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>\n

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>\n

Outflows from crypto platforms recently have led to \u201cbank run\u201d 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\u2019s price surge.<\/p>\n

Bitcoin exchange outflows. Source: Glassnode<\/em><\/figcaption><\/figure>\n

Related: <\/em><\/strong>BTC price nears 2023 highs \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n

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>\n

On-chain analysts also pointed toward the market value to realized value (MVRV) ratio, a metric that compares the asset\u2019s market value to its realized value. It is calculated by dividing a cryptocurrency\u2019s 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>\n

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#Bitcoin<\/a> hit $35K. Wallets in profits hit 79.72%.<\/p>\n

The Bull Market starts when the MV Ratio stays above 1.5.<\/p>\n

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

\u2014 hitesh.eth (@hmalviya9) October 24, 2023<\/a><\/p><\/blockquote>\n

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>\n

Magazine: <\/em><\/strong>Big Questions: Did the NSA create Bitcoin?<\/em><\/strong><\/p>\n<\/div>\n