On-chain analytics firm IntoTheBlock has revealed that more Bitcoin transfers from exchanges hit an All Time High in six months, with 70,000 BTC being transferred from crypto exchanges. More than $1.52 billion flowed out of crypto exchanges within one day, October 26, 2022.
The data also reveals that crypto exchange reserves have been dwindling throughout October 2022, which has been the case since January 2018. It has reached the peak of its cycle. Now traders withdraw coins from crypto exchanges and keep them in their wallets.
Data from Glassnode reveals that 123,500 BTC were withdrawn from exchanges in the first three weeks of October, representing 0.86% of BTC in circulation.
The behavior of traders has changed. Large and small traders holding less than 1 BTC and those holding 10,000 BTC or more choose to keep Bitcoin instead of selling it. Some slight volatility makes traders prefer to keep Bitcoin.
Bitcoin Price Remains at $20,000
Bitcoin price is still trading at $20,357 at the moment, down -1.68% over the past 24 hours. With a market cap of $389.12 billion, Bitcoin has seen a slight upward trend over the past seven days from the $17,000 level before it has stabilized at the current level of $20,000.
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