Bitcoin

<h2 id="quick-take">Quick Take</h2> 
On Oct. 24, significant Bitcoin (BTC) exchange movements were recorded, signaling a potential market shift. Binance experienced its third major inflow of 2023, amassing approximately $320 million, a figure only surpassed on Apr. 21 and May. 25. Notably, transactions of $1 million or more dominated these inflows, hinting at substantial ‘whale’ activity. 
<figure id="attachment_368056" aria-describedby="caption-attachment-368056" style="width: 100%" class="wp-caption aligncenter">
 <img class="wp-image-368056 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/Bin1.png" alt="Exchange Netflow: Binance: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/Bin1.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/Bin1-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/Bin1-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/Bin1-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/Bin1-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-368056" class="wp-caption-text">
 Exchange Netflow: Binance: (Source: Glassnode)
 </figcaption>
</figure> 
In contrast, Bitfinex noted the largest outflow in over a year, close to $200 million, similarly dominated by high-value transactions. This trend of significant outflows extended to Bithumb, which saw an unprecedented $140 million exit, the highest of the year, predominantly driven by ‘whales.’ 
<figure id="attachment_368057" aria-describedby="caption-attachment-368057" style="width: 100%" class="wp-caption aligncenter">
 <img class="wp-image-368057 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/Bitfinex.png" alt="Exchange Netflow: Bitfinex: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/Bitfinex.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/Bitfinex-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/Bitfinex-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/Bitfinex-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/Bitfinex-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-368057" class="wp-caption-text">
 Exchange Netflow: Bitfinex: (Source: Glassnode)
 </figcaption>
</figure> 
The lesser-known Gate.IO also made headlines with the largest inflow in the past five years, amounting to roughly $43 million. This series of record-setting inflows and outflows across multiple exchanges suggests a possible shift in Bitcoin’s market dynamics. 
<figure id="attachment_368059" aria-describedby="caption-attachment-368059" style="width: 100%" class="wp-caption aligncenter">
 <img class="wp-image-368059 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/gate.png" alt="Exchange Netflow: Gate.IO: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/gate.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/gate-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/gate-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/gate-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/gate-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-368059" class="wp-caption-text">
 Exchange Netflow: Gate.IO: (Source: Glassnode)
 </figcaption>
</figure> 
The movement at Bitfinex is particularly noteworthy, given its historical trend of withdrawing coins during previous bear markets, as previously analyzed by <a href="https://cryptoslate.com/insights/bitcoin-balances-in-top-exchanges-what-history-tells-us-about-future-bull-runs/">CryptoSlate</a>. Could this be the start of a similar trend? 
Other exchanges, including Deribit, Bybit, and Bitstamp, also saw notable inflows and outflows, indicating this is not an isolated incident. 
The post <a rel="nofollow" href="https://cryptoslate.com/insights/unprecedented-series-of-bitcoin-inflows-and-outflows-observed-across-exchanges/">Unprecedented series of Bitcoin inflows and outflows observed across exchanges</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Unprecedented series of Bitcoin inflows and outflows observed across exchanges

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