New data from crypto analytics firm IntoTheBlock shows tens of thousands of Bitcoin (BTC) tokens worth more than $1 billion left crypto exchanges in a single day.
According to IntoTheBlock, the more than 70,000 Bitcoin tokens valued at $1.52 billion that left exchanges in the past 24 hours is the largest outflow in six months.
“Bitcoin just recorded its largest net outflow from exchanges in six months. Over 70,000 BTC worth $1.52 billion left exchanges on October 26.”
Large amounts of Bitcoin outflowing from exchanges can indicate a bullish period as deep-pocketed investors accumulate the number one digital asset. The large outflow occurs as Bitcoin crossed the $20,000 price level in the past week after having hovered around the low $19,000 range. Bitcoin broke to a recent high of $21,013 on Oct. 26. At time of writing, Bitcoin is changing hands at $20,633.
Crypto Quant chief executive Ki Young Ju told his 308,700 Twitter followers earlier this month that a large outflow of Bitcoin from the top US exchange Coinbase showed institutions were accumulating the top digital asset.
“JUST-IN: 48,000 BTC flowed out from Coinbase today. Looked at the transactions, and it seems they broke the old piggy bank to deliver Bitcoin to institutional clients.”
He says the outflow is one of several signs of an approaching bullish period for Bitcoin.
“‘Institutions are coming.’ ‘Whales are accumulating BTC.’ ‘Hashrate hits the all-time high.’ ‘Long-term holders are not selling BTC.’ ‘Crypto has fundamentals.’ Guys, these are not memes anymore unlike the 2018 bear market. It’s time to take those facts seriously. NFA. (Not financial advice).”