HomeUncategorized$740M in Bitcoin exits exchanges, the biggest outflow since June’s BTC price crash By Cointelegraph

$740M in Bitcoin exits exchanges, the biggest outflow since June’s BTC price crash By Cointelegraph

October 18, 2022

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$740M in Bitcoin exits exchanges, the biggest outflow since June’s BTC price crash

The amount of (BTC) flowing out of cryptocurrency exchanges picked up momentum on Oct. 18, hinting at weakening sell-pressure, which could help BTC price avoid a deeper correction below $18,000.

Bitcoin forming a “bear market floor”

Over 37,800 BTC left crypto exchanges on Oct. 18, according to data tracked by CryptoQuant. This marks the biggest Bitcoin daily outflow since June 17, wh traders withdrew nearly 68,000 BTC from exchanges.

Bitcoin exchange netflow from all exchanges. Source: CryptoQuant
Bitcoin accumulation trend score by cohort. Source: Glassnode
Bitcoin whale deposits and withdrawals volumes from exchanges. Source: Glassnode
Capital flows by asset. Source: CoinShares
daily price chart featuring inverted-cup-and-handle pattern. Source: TradingView