{"id":62447,"date":"2023-10-24T07:24:41","date_gmt":"2023-10-24T11:24:41","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=62447"},"modified":"2023-10-24T07:24:44","modified_gmt":"2023-10-24T11:24:44","slug":"crypto-exchanges-asset-outflow-increase-following-btc-price-surge","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-exchanges-asset-outflow-increase-following-btc-price-surge\/","title":{"rendered":"Crypto Exchanges Asset Outflow Increase Following BTC Price Surge"},"content":{"rendered":"\n

On October 24, the price of Bitcoin briefly surpassed $35,000 for the first time in a year, causing major crypto exchanges<\/a> to register a net outflow of assets and traders moving their assets away from exchanges. <\/p>\n\n\n\n

\"Crypto
Crypto Exchanges Asset Outflow Increase Following BTC Price Surge<\/figcaption><\/figure>\n\n\n\n

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.<\/p>\n\n\n\n

According to data provided by crypto-analytics firm CoinGlass\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, 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.<\/p>\n\n\n\n

Recent outflows from cryptocurrency platforms have prompted concerns of a “bank run” following the collapse of the FTX in November 2022. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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

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.<\/p>\n\n\n\n

On-chain analysts also referenced the market value to realized value (MVRV) ratio, which compares the asset's market value to its realized value\u2014calculated by dividing a cryptocurrency's market capitalization<\/a> by its realized capitalization. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

\n

#Bitcoin<\/use><\/svg><\/span><\/a> hit $35K. Wallets in profits hit 79.72%.

The Bull Market starts when the MV Ratio stays above 1.5.

We're now at 1.47. I'm positive about #bitcoin<\/use><\/svg><\/span><\/a> hitting $40K in the next few days, which will send the MV ratio to 1.6. pic.twitter.com\/uCgdNLGRnq<\/use><\/svg><\/span><\/a><\/p>— hitesh.eth (@hmalviya9) October 24, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

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<\/a> fueled the increase.<\/p>\n","protected":false},"excerpt":{"rendered":"

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. The movement of funds away from exchanges is considered a bullish indicator, as it indicates that traders are transferring […]<\/p>\n","protected":false},"author":12,"featured_media":62458,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[16891,16248,1713],"class_list":["post-62447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-asset-outflow","tag-btc-price-surge","tag-crypto-exchanges"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/image-77.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=62447"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62447\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/62458"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=62447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=62447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=62447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}