Bitcoin
Bitcoin Exchange Outflows Reach Seven-Month High Amid Large Wallet Accumulation
On-chain data shows exchange outflows for Bitcoin reached a seven-month peak despite a broader market sell-off.
Bitcoin recorded a net outflow of 24,073 BTC from cryptocurrency exchanges on Monday, marking the largest single-day withdrawal volume since March 1, according to Santiment data reported by Finbold. The drop reduced the available trading supply on exchanges to its lowest point in over seven months, even as Bitcoin's market capitalisation dropped by more than $70 billion during the October 7 market pullback.
The surge in withdrawals occurred alongside accumulation by whale and shark entities holding between 10 and 10,000 BTC, which acquired 86,702 BTC over a three-week span, led by BlackRock. Conversely, addresses holding under 0.01 BTC have been net sellers over the same period.
While Bitcoin gained 5.37% over the preceding 30 days, analyst Ali Martinez cited the exchange supply contraction to project potential moves toward $100,000, pointing to $82,000 as a key technical support level.
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