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On October 24th, major cryptocurrency exchanges experienced a noteworthy net outflow of funds, coinciding with Bitcoin (BTC) briefly reaching the $35,000 mark for the first time in a year.
This exodus of funds from exchanges is viewed as a positive sign in the crypto space, indicating that traders are transferring their assets to secure storage, anticipating an uptick in prices.
According to data shared by crypto analytics firm CoinGlass, the largest outflow was witnessed on Binance, with more than $500 million leaving the platform over the past 24 hours.
Following this, crypto.com recorded $49.4 million in outflows, and OKX saw $31 million departing its exchange. Most other exchanges reported outflows of less than $20 million.
Concerns reminiscent of a “bank run” surfaced after the collapse of FTX in November 2022, with investors fearing a similar scenario.
However, the recent outflows appear to be more aligned with trader sentiment rather than panic-induced withdrawals during the peak of the bear market.
Data from Glassnode corroborates this trend, showing that Bitcoin outflows from exchanges have increased in tandem with the surge in BTC’s price.
This price surge also resulted in the liquidation of approximately $400 million worth of short positions, with 94,755 traders witnessing their derivative positions being liquidated within the last 24 hours. The largest single liquidation order took place on Binance, amounting to $9.98 million.
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On-chain analysts drew attention to the market value to realized value (MVRV) ratio, a key metric comparing an asset’s market value to its realized value.
It is calculated by dividing a cryptocurrency’s market capitalization by its realized capitalization, which is based on the average price at which each coin or token was last moved on-chain.
The current MVRV ratio stands at 1.47, just shy of the 1.5 threshold that historically heralds the beginning of a bull market.
The crypto market as a whole has seen a remarkable 7.3% increase in its total market capitalization over the last 24 hours, reaching $1.25 trillion, its highest valuation since April.
This surge is believed to be fueled by speculation surrounding the imminent launch of a spot Bitcoin exchange-traded fund (ETF), further amplifying the bullish sentiment in the crypto ecosystem.
With the MVRV ratio inching closer to 1.5, many enthusiasts are optimistic about Bitcoin’s potential to reach $40,000 in the coming days.
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Bitcoin Price Surges to $35,000, Triggering Major Crypto Exchange Outflows

Crypto Intelligence

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