Fast Take
Bitcoin market dynamics are exhibiting a notable shift, as evidenced by the large outflows from exchanges. Based on latest information, within the span of two days, exchanges skilled a considerable outflow of Bitcoin, amounting to roughly $430 million.
On Oct. 16 alone, an estimated $250 million left exchanges, adopted by a subsequent $200 million on Oct. 17. Apparently, round half of those outflows originated from Binance, one of many main cryptocurrency exchanges globally.
These outflows sign a lower in Bitcoin on exchanges, which has led to a consequential rise in Bitcoin’s value, from roughly $26,500 to $28,500, a big leap inside a brief timeframe.
Over 4 days, from Oct. 14 – Oct. 17, roughly 16,000 Bitcoin have been withdrawn from exchanges. Moreover, the overall variety of Bitcoin held in change wallets is approaching a year-to-date low, with the depend nearing the two.3 million Bitcoin mark.
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