Bitcoin Price Surge Sees Significant Asset Outflow
On October 24, major crypto exchanges experienced a net outflow as Bitcoin’s price briefly reached $35,000 for the first time in a year.
This movement is considered a bullish sign, as traders are moving their assets away from exchanges to secure storage, expecting prices to increase.
Binance saw the biggest outflow, with over $500 million moving off the exchange over the past 24 hours. Most other exchanges recorded less than $20 million in outflows. Outflows from crypto platforms 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. The price surge also led to the liquidation of roughly $400 million worth of short positions, with the largest single liquidation order happening on Binance, worth $9.98 million.
(With inputs from Shikha Singh)
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