Bitcoin exchange outflows hit a 7-month high
In spite of the fact that Bitcoin (BTC) led the broader cryptocurrency market selloff on October 7, BTC’s market capitalization fell by over 70 billion over the past 24 hours; on-chain data indicates that the net supply of BTC on crypto exchanges has declined as outflows surged to a 7-month high. A net outflow of 24,073 Bitcoin from crypto exchanges was recorded on Monday, the biggest single-day exodus since March 1, according to data Finbold fetched from Santiment . As a result, the net supply of Bitcoin available for trading has drastically declined to the lowest level in 7 months and 5 days. Bitcoin exchange outflows. Source: Santiment This significant volume of Bitcoin leaving crypto exchanges has coincided with aggressive accumulation by whales and shark accounts, addresses holding between 10 and 10,000 BTC, led by BlackRock Inc. (NYSE: BLK), as Finbold reported. Specifically, these large Bitcoin wallets added 86,702 BTC over the last 3 weeks, as per metrics from ...