Bitcoin

<h2 id="quick-take">Quick Take</h2>
Bitcoin market dynamics are showing a notable shift, as evidenced by the massive outflows from exchanges. According to recent data, in the span of two days, exchanges experienced a substantial outflow of Bitcoin, amounting to approximately $430 million.
On Oct. 16 alone, an estimated $250 million left exchanges, followed by a subsequent $200 million on Oct. 17. Interestingly, around half of these outflows originated from Binance, one of the leading cryptocurrency exchanges globally.
<figure id="attachment_365958" aria-describedby="caption-attachment-365958" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-365958 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/bin.png" alt="Exchange Netflow: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/bin.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/bin-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/bin-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/bin-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/bin-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-365958" class="wp-caption-text">
 Exchange Netflow: (Source: Glassnode)
 </figcaption>
</figure>
These outflows signal a decrease in Bitcoin on exchanges, which has led to a consequential rise in Bitcoin’s price, from roughly $26,500 to $28,500, a significant leap within a short timeframe.
Over four days, from Oct. 14 – Oct. 17, approximately 16,000 Bitcoin have been withdrawn from exchanges. Furthermore, the total number of Bitcoin held in exchange wallets is approaching a year-to-date low, with the count nearing the 2.3 million Bitcoin mark.
<figure id="attachment_365962" aria-describedby="caption-attachment-365962" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-365962 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/EB8.png" alt="Exchange Balance: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/EB8.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/EB8-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/EB8-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/EB8-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/EB8-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-365962" class="wp-caption-text">
 Exchange Balance: (Source: Glassnode)
 </figcaption>
</figure>
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/binance-leads-as-bitcoin-exchange-outflows-surge/">Binance leads as Bitcoin exchange outflows surge</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Binance leads as Bitcoin exchange outflows surge

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