Key Takeaways

  • Major cryptocurrency exchanges, led by Binance, experience substantial asset outflows as Bitcoin price hits a year-high of $35,000.
  • The recent outflows suggest a bullish market sentiment.
  • The overall crypto market capitalization experienced a 7.3% increase, surging to $1.25 trillion.

As Bitcoin’s price briefly spiked to a year-high of $35,000 on October 24th, major cryptocurrency exchanges experienced significant asset net outflow.

Crypto analytics firm CoinGlass revealed that one of the world’s leading cryptocurrency exchanges, Binance, reported the largest outflow, exceeding $500 million within the last day.

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Other major platforms like and OKX followed with outflows of $49.4 million and $31 million, respectively. Other crypto exchanges observed outflows under the $20 million mark.

This outflow from crypto exchanges is particularly noteworthy given the events of November 2022, when the collapse of FTX led to concerns of a “bank run” on crypto platforms.

However, current data from Glassnode confirms that the latest outflows appear to be more aligned with optimistic trader sentiment rather than fear-driven withdrawals, especially as Bitcoin’s price has been showing an upward trend recently.

At the time of writing, Bitcoin retails for $34,432.71, recording a 12.71% price increase in the last 24 hours.

In another significant development, approximately $400 million worth of short positions were liquidated in the past 24 hours, affecting almost 95,000 traders. Binance again led the statistics with the single largest liquidation order, valued at nearly $10 million.

Adding further context to the market sentiment, on-chain analysts have cited the market value to realized value (MVRV) ratio. This key indicator evaluates an asset’s market capitalization against its realized capitalization. Currently, the MVRV ratio stands at 1.47, close to its last peak of 1.5 during a previous bull run.

Additionally, the overall cryptocurrency market capitalization has surged by 7.3% in the last 24 hours, reaching $1.25 trillion. The excitement around current market conditions can also be noticed in the Crypto Fear and Greed Index, which surged to 66, highlighting a “Greedy” market sentiment.

BitDegree Crypto Fear and Greed Index

The significant outflow of assets from major cryptocurrency exchanges, paired with the liquidation of short positions and a favorable MVRV ratio, highlights a robustly bullish sentiment among traders. The ecosystem appears ripe for potential gains, with the crypto market cap reaching new heights and the Crypto Fear and Greed Index reaching a “Greed” zone.

Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she’s not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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