On October 24, the price of Bitcoin briefly surpassed $35,000 for the first time in a year, causing major crypto exchanges to register a net outflow of assets and traders moving their assets away from exchanges.
![Crypto Exchanges Asset Outflow Increase Following BTC Price Surge](https://i0.wp.com/coinscreed.com/akoakris/2023/10/image-77.png?resize=1024%2C629&ssl=1)
The movement of funds away from exchanges is considered a bullish indicator, as it indicates that traders are transferring their assets to secure storage in anticipation of a price increase.
According to data provided by crypto-analytics firm CoinGlass, over $500 million left Binance over the past 24 hours, followed by $49.4 million from crypto.com and $31 million from OKX. Most other exchanges recorded outflows of less than $20 million.
Recent outflows from cryptocurrency platforms have prompted concerns of a “bank run” following the collapse of the FTX in November 2022.
However, the most recent outflows correspond more with investor sentiment than fear-driven withdrawals at the zenith of the bear market. Glassnode data confirms that Bitcoin outflows from exchanges have increased with BTC’s price increase over the past few days.
![](https://i0.wp.com/coinscreed.com/akoakris/2023/10/image-76.png?resize=750%2C464&ssl=1)
The price increase also led to liquidating short positions worth approximately $400 million. In the past twenty-four hours, 94,755 traders liquidated derivative positions. The largest single liquidation order, worth $9.98 million, occurred on Binance.
On-chain analysts also referenced the market value to realized value (MVRV) ratio, which compares the asset’s market value to its realized value—calculated by dividing a cryptocurrency’s market capitalization by its realized capitalization.
The realized price is the average price at which each coin or token was last traded on-chain. Currently, the MVRV ratio stands at 1.47. When the previous bull run occurred, the MVRV ratio was 1.5.
In the past twenty-four hours, the total crypto market capitalization has increased by over 7.3% to $1.25 trillion, its greatest valuation since April. It is believed that increased speculation surrounding the introduction of a spot Bitcoin exchange-traded fund fueled the increase.