Bitcoin

<p class="p1" style="text-align: justify">With <a href="https://en.coin-turk.com/bitcoin-critic-peter-schiffs-alarming-btc-explanation-pay-attention-to-this-formation/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> price briefly reaching $35,000 for the first time in a year on leading cryptocurrency exchanges, there has been a short-term asset outflow. This is generally considered a sign of a bullish market as funds move away from exchanges and investors expect an increase in the crypto market, prompting them to move their assets to secure storage.</p>
<h2 class="p1" style="text-align: justify" id="bullish-sentiment-is-heard">Bullish Sentiment is Heard</h2>
<p class="p1" style="text-align: justify">According to data shared by crypto data analysis firm CoinGlass, over $500 million was withdrawn from <a href="https://en.coin-turk.com/binance-faces-challenges-with-bitcoin-lightning-network-implementation/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> in the last 24 hours, making it the largest outflow among exchanges. <a href="https://en.coin-turk.com/12-important-developments-in-crypto-this-week-that-will-affect-prices-unlocking-macroeconomic-developments/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto</a>.com followed with a withdrawal of $49.4 million, and OKX with $31 million. Other exchanges experienced withdrawals below $20 million.</p>
<p class="p1" style="text-align: justify">The recent outflows from crypto exchanges have raised concerns among investors, following the FTX crash in November 2022. Furthermore, the latest withdrawals are more in line with investor sensitivity rather than fear-driven withdrawals during the highest bear market. Glassnode, a blockchain analysis firm, confirmed that Bitcoin withdrawals from exchanges have increased parallel to BTC’s price rise in the past few days.</p>
<p class="p1" style="text-align: justify"><img decoding="async" class="aligncenter wp-image-269773 size-full" src="https://coin-turk.com/wp-content/uploads/2023/10/btc-borsa-cikisi.png" alt="" width="4287" height="2700"></p>
<h2 class="p1" style="text-align: justify" id="latest-developments-in-the-crypto-market">Latest Developments in the Crypto Market</h2>
<p class="p1" style="text-align: justify">The surge in Bitcoin caught many investors off guard, leading to significant losses, especially in the futures market. Following the price increase, approximately $400 million worth of short positions were liquidated. Within the last 24 hours, 94,755 investors witnessed the liquidation of their futures contracts, with the largest single liquidation order worth $9.98 million occurring on Binance.</p>
<p class="p1" style="text-align: justify">Analysts also highlighted the Market Value to Realized Value (MVRV) ratio, a metric that compares the market value of an asset to its realized value by on-chain data. This ratio is calculated by dividing the market value by the realized value. The realized price is determined by the average price at which each asset or token last moved on the chain. The current MVRV ratio stands at 1.47, compared to 1.5 during the last bull run.</p>
<p><img decoding="async" class="aligncenter wp-image-269774 size-full" src="https://coin-turk.com/wp-content/uploads/2023/10/hitesh-tweet.png" alt="" width="1009" height="1112"></p>
<p class="p1" style="text-align: justify">The total market value of the cryptocurrency market reached $1.25 trillion, the highest since April, with a growth of over 7.3% in the last 24 hours. The catalyst behind this increase was allegedly the launch of a spot Bitcoin exchange-traded fund (ETF).</p> Continue Reading: <a href="https://en.coin-turk.com/record-broken-in-bitcoin-withdrawal-from-exchanges-what-happened-in-the-last-24-hours/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/record-broken-in-bitcoin-withdrawal-from-exchanges-what-happened-in-the-last-24-hours/</a>

Record Broken in Bitcoin Withdrawal from Exchanges: What Happened in the Last 24 Hours?

Table of Contents

COINTURK NEWS

Other articles published on Oct 24, 2023

The Impact of Binance on the Crypto Market: Boosting One Altcoin While Crushing Another

Community Asks: How Much TOS Has Been Allocated to My Frontier Ships?

Vectorspace AI (VXV) Price Prediction 2024, 2025, 2030, 2040, and 2050

SEC Charges BlackRock with Failing to Disclose Investments

Bitcoin jumps $4k in 4 hours as it touches $35k on BlackRock seeding anticipation

EOS: Gamble or Goldmine? A New Token Promises up to 10x Earnings

Join our free newsletter for daily crypto updates!