Bitcoin

<h2 id="quick-take">Quick Take</h2>
Over the course of Oct. 16, a total of 7,000 Bitcoin, worth roughly $200 million, vacated exchanges. While some movement may be in response to a recent wave of misinformation regarding the approval of a <a href="https://cryptoslate.com/contradictory-news-of-potential-greenlit-blackrock-bitcoin-etf-shoots-btc-to-30k-and-back/" rel="noopener noreferrer nofollow">Bitcoin spot ETF</a>, the flurry of on-chain has persisted both before and after.
<img class="aligncenter size-full wp-image-365297" src="https://cryptoslate.com/wp-content/uploads/2023/10/EB11.png" alt="" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/EB11.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/EB11-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/EB11-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/EB11-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/EB11-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
This movement was accompanied by a notable contraction in open interest, representing the total funds allocated in open futures contracts. Initially standing at $11 billion, open interest took a hit of over $1 billion, plunging to a little above $10 billion.
<figure id="attachment_365295" aria-describedby="caption-attachment-365295" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-365295 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/OI0.png" alt="Open Interest: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/OI0.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/OI0-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/OI0-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/OI0-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/OI0-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-365295" class="wp-caption-text">
 Open Interest: (Source: Glassnode)
 </figcaption>
</figure>
The ripple effects didn’t stop there. In the past 24 hours, there has been a liquidation of $183 million in the crypto market, with Bitcoin accounting for over $100 million of this total. More than $80 million of these Bitcoin liquidations were in the form of <a href="https://cryptoslate.com/insights/bitcoin-liquidates-70m-of-short-positions-as-it-skyrocketed-to-29800-on-rumors-of-spot-etf-approval/" rel="noopener noreferrer nofollow">short liquidations</a>, marking the largest such event since August 17.
<figure id="attachment_365298" aria-describedby="caption-attachment-365298" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-365298 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/ll.png" alt="Liquidations: (Source: Coinglass)" width="1182" height="361" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/ll.png 1182w, https://cryptoslate.com/wp-content/uploads/2023/10/ll-300x92.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/ll-1024x313.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/ll-768x235.png 768w" sizes="(max-width: 1182px) 100vw, 1182px">
 <figcaption id="caption-attachment-365298" class="wp-caption-text">
 Liquidations: (Source: Coinglass)
 </figcaption>
</figure>
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/200million-in-bitcoin-leaves-exchanges-amid-etf-hearsay/">$200 million in Bitcoin leaves exchanges amid ETF hearsay</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

$200 million in Bitcoin leaves exchanges amid ETF hearsay

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