Bitcoin price surge sees significant asset outflow on crypto exchanges
The outflow of assets from the crypto exchanges is considered a bullish sign as it indicates traders are moving their assets away from exchanges in anticipation of a price surge. Major crypto exchanges recorded a net outflow on Oct. 24 as Bitcoin price briefly touched the $35,000 mark for the first time in a year. The movement of funds away from exchanges is considered a bullish sign as traders move their asset s away from the centralized platforms in anticipation of a price surge . According to data shared by crypto analytic firm Coinglass, Binance saw the biggest outflow with over $500 million moving off the exchange over the past 24 hours followed by crypto.com with $49.4 million in outflow followed by OKX with $31 million in outflow. Most other exchanges recorded below $20 million outflow. Outflow from crypto platforms in recent times has led to “bank run” fears after the FTX collapse in November, however, the most recent outflow is more in line with trader sentiment than f...