bitcoin ·
Bitcoin Sees Massive $1 Billion Exchange Exodus
According to data from the on-chain analytics platform CryptoQuant, the Bitcoin exchange netflow has dramatically dropped to -12,570 BTC or so as of Oct.
The number is among the top daily outflows this month. Net Bitcoin outflows from exchanges recently soared to over $1 billion in just the last 24 hours.
On a net basis, over $1 billion of BTC has been withdrawn from exchanges in the last 24 hours. A CryptoQuant chart indicates that the Bitcoin exchange netflow has dramatically dropped to -12,570 BTC or so (as of October 27).
It's one of the biggest daily outflows this month. The latest net outflow (if the BTC price is around $80,487) is equivalent to around $1.01 billion.
The chart from CryptoQuant points out that exchange activity has dramatically reversed. Just a day ago, it witnessed a positive net flow of over 7,000 BTC before this metric plummeted into a deep negative zone.
This drop on October 27 is one of the biggest spikes in Bitcoin exchange outflow since October 6, when almost 15,000 BTC were withdrawn from exchanges (on a net basis). Note that the latest number may not be final, as the data is still incomplete.
Reported by u.today.
