November 29, 2023 7:11 pm

Large amount of cryptocurrency leaves platforms as Bitcoin experiences substantial price increase.

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Major crypto exchanges experienced a significant net outflow of funds on October 24 when the price of Bitcoin (BTC) briefly reached the $35,000 mark for the first time in a year. This movement of funds away from exchanges is seen as a bullish sign, indicating that traders are transferring their assets to secure storage in anticipation of price increases.

CoinGlass, a crypto analytics firm, reported that Binance recorded the largest outflow with over $500 million leaving the exchange in the past 24 hours. This was followed by crypto.com with $49.4 million and OKX with $31 million. Most other exchanges had outflows of less than $20 million.

Recent outflows from crypto platforms have raised concerns about a potential “bank run,” following the collapse of FTX in November 2022. However, the current outflows seem to align more with trader sentiment rather than fear-driven withdrawals during the peak of the bear market. Glassnode data confirms that Bitcoin outflows from exchanges in the past few days have increased in parallel with the surge in BTC’s price.

The price surge also resulted in the liquidation of approximately $400 million worth of short positions. Within the last 24 hours, 94,755 traders saw their derivative positions liquidated, with the largest single liquidation order occurring on Binance, valued at $9.98 million.

On-chain analysts have also pointed to the market value to realized value (MVRV) ratio as an important metric. This ratio compares the asset’s market value to its realized value by dividing the cryptocurrency’s market capitalization by its realized capitalization. Currently, the MVRV ratio stands at 1.47, which is close to the ratio during the previous bull run when it reached 1.5.

Furthermore, the total crypto market cap has increased by over 7.3% in the last 24 hours, reaching $1.25 trillion. This is the highest valuation since April and is believed to be driven by speculation surrounding the launch of a spot Bitcoin exchange-traded fund.

As the price of Bitcoin continues to soar, analysts and traders are optimistic about its future trajectory. One Twitter user, hitesh.eth, predicts a further increase to $40,000 in the coming days, which would push the MVRV ratio to 1.6.

Overall, the recent outflows from major crypto exchanges coupled with the surge in Bitcoin’s price and the potential launch of a Bitcoin exchange-traded fund suggest a bullish sentiment in the market. Traders are actively securing their assets, anticipating further price increases in the near future. The crypto market is currently experiencing a significant uptrend, and investors remain hopeful for continued growth.

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Original Source: Large amount of cryptocurrency leaves platforms as Bitcoin experiences substantial price increase.

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