Quick Take
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.
Binance, on the other hand, saw an even larger outflow, amounting to roughly $150 million, marking one of its most substantial outflows this year.
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