– Crypto exchanges experienced a net outflow of assets on October 24, which is seen as a bullish sign.
– Traders are moving their assets away from exchanges to secure storage, indicating an expectation of price increases.
– Binance saw the largest outflow, with over $500 million moving off the exchange in the past 24 hours.
– Other exchanges recorded smaller outflows, with most being less than $20 million.
– These outflows align with trader sentiment rather than fear-induced withdrawals during a bear market.
– The outflows coincide with Bitcoin’s price surge and the liquidation of short positions worth approximately $400 million.
– On-chain analysts are looking at the market value to realized value (MVRV) ratio, which currently sits at 1.47.
– The total crypto market cap has risen to $1.25 trillion, its highest valuation since April, driven by speculation around the launch of a spot Bitcoin exchange-traded fund.
