New data from crypto analytics firm IntoTheBlock shows tens of thousands of bitcoins (Bitcoin) over $1 billion worth of tokens left cryptocurrency exchanges in a single day.
according to into the blockmore than 70,000 Bitcoin tokens worth $1.52 billion left exchanges in the last 24 hours, the largest outflow in six months.
“Bitcoin recorded the largest net outflow from exchanges in six months. Over 70,000 BTC worth $1.52 billion left exchanges on Oct. 26.”
Massive bitcoin outflows from exchanges could signal a bullish period as wealthy investors amass the number one digital assets. The massive outflow comes when Bitcoin breaks above the $20,000 price level over the past week after hovering in his high $19,000 range. Bitcoin hit a recent high of $21,013 on October 26th. At the time of writing, Bitcoin is trading at $20,633.
Ki Young Ju, CEO of Crypto Quant, told his 308,700 Twitter followers earlier this month that the massive outflow of Bitcoin from top US exchange Coinbase has made the institution one of the top digital assets. said that it shows that it is accumulating
“JUST-IN: 48,000 BTC leaked from Coinbase today. Looking at the transaction, it looks like they broke an old piggy bank to provide bitcoin to institutional investors.”
he To tell The outflow is one of several signs that Bitcoin’s bull run is approaching.
“‘Institutions are coming.’ ‘Whales are accumulating BTC.’ ‘Hashrate has reached an all-time high.’ ‘Long-term holders are not selling BTC. ’ Guys, unlike the 2018 bear market, these aren’t memes anymore. It’s time to take these facts seriously. NFAs. (not financial advice)
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