BTC Worth $1.5 Billion Changed Hands on the Largest Single-Day Outflow


IntoTheBlock, an on-chain analytics startup, reports that Bitcoin has just registered its highest net outflow from exchanges in six months. On October 26, more than 70,000 BTC worth $1.52 billion departed exchanges, according to the report.

The reserves maintained by exchanges have also been continuously declining, hitting multi-year lows in October and rebounding to January 2018 levels. Essentially, all coin volumes that entered exchanges since the previous cycle’s top have been withdrawn into a wallet unrelated to exchanges.

According to Glassnode, around 123,500 BTC, or 0.86 percent of the entire supply, were extracted in the first three weeks of October alone. Even if exchange reserves are not a signal in and of themselves, they provide a good background in the context of adverse market circumstances.

In October, the majority of wallet cohorts exhibited a notable shift in their behaviour regarding balance adjustments. Small Bitcoin holders and large Bitcoin holders (up to 10,000 BTC) have changed from net balance distribution and reduction to net balance accumulation and growth.

Prices have remained constant with minimal volatility, indicating a predisposition for patient accumulation at range lows. Given that prices have stayed stable and their volatility has been moderate, this indicates a propensity for patient accumulation near-range lows.

The cryptocurrency markets paused their two-day rally after unexpectedly upbeat GDP data in the United States failed to sway investors from underlying concerns about inflation and a possibly severe recession.

In contrast to forecasts of 2.4% growth, the U.S. economy grew by 2.6% in the third quarter. In contrast to the first and second quarter declines of 1.6% and 0.6% respectively, the economy seems to be growing. BTC fell to a low of $20,034 before recovering somewhat to its current price of approximately $20,134.

Also Read: More than half of millennials and members of Generation Z want Bitcoin and other cryptos in their retirement savings

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