Over 37k BTC Left Exchanges on 18th October
Over 37,800 BTC left crypto exchanges on Oct. 18, this marks the biggest Bitcoin daily outflow since June 17.
According to data shared by CryptoQuant, one of the most recognised crypto-analysis companies in the market. At current prices, 38,000 BTC are valued at $737.2 million. This is one of the most significant withdrawals from exchanges since June 2022. Moreover, CryptoQuant also shows that the total number of coins held in exchanges continues to fall, which could be linked to lower selling pressure.
CryptoQuant reports that investors and retail users continue to withdraw funds from exchanges. At the same time, these withdrawals could be related to lower selling pressure. If a smaller number of coins is held on exchanges it means that it becomes less probable for investors to sell their coins in the market.
The company reported that this is the largest outflow of coins from exchanges since June 17, when close to 68,000 BTC left crypto trading platforms. At that time, Bitcoin reached a local bottom below $18,000 for the first time since the bull market that started at the end of 2022.
This comes at a moment in which financial markets are falling. This could have a negative impact on Bitcoin and other digital currencies in the market. There has been a strong correlation between traditional financial markets and digital currencies. Therefore, we could see Bitcoin moving lower in the last quarter of this year.
◾️Moreover, over 121,000 BTC has left exchanges in the past 30 days.
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