Bitcoin

<h2 id="quick-take">Quick Take</h2> 
Bitcoin exchange balances have been witnessing a noteworthy trend of outflows, reaching a year-to-date low of 2.3 million Bitcoin recently. This movement was underscored by Bitcoin breaking through the $29,000 mark, a milestone accompanied by a seismic shift of $200 million worth of Bitcoin moving away from exchanges yesterday, Oct. 19. 
This indicates a significant shift in Bitcoin holdings from exchanges to private wallets, possibly signaling increased investor confidence in holding onto their assets amid market volatility. 
The trend was particularly pronounced for certain exchanges. Bittrex, for instance, experienced its largest outflow since May 2023, with a notable departure of approximately $40 million. 
<figure id="attachment_366608" aria-describedby="caption-attachment-366608" style="width: 100%" class="wp-caption aligncenter">
 <img class="wp-image-366608 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/BIT.png" alt="Exchange Netflow: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/BIT.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/BIT-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/BIT-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/BIT-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/BIT-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-366608" class="wp-caption-text">
 Exchange Netflow: (Source: Glassnode)
 </figcaption>
</figure> 
Binance, on the other hand, saw an even larger outflow, amounting to roughly $150 million, marking one of its most substantial outflows this year. 
<figure id="attachment_366606" aria-describedby="caption-attachment-366606" style="width: 100%" class="wp-caption aligncenter">
 <img class="wp-image-366606 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/Binance-1.png" alt="Exchange Netflow: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/Binance-1.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/Binance-1-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/Binance-1-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/Binance-1-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/Binance-1-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-366606" class="wp-caption-text">
 Exchange Netflow: (Source: Glassnode)
 </figcaption>
</figure> 
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Bitcoin exchange balance plummet to year-to-date low

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