$1.5 billion worth of BTC moved in biggest daily outflow: details

Bitcoin just saw its largest net outflow from exchanges in six months, according to on-chain analytics firm IntoTheBlock. It notes that in a single day — that is, October 26 — over 70,000 BTC, worth $1.52 billion, left exchanges.

#Bitcoin just saw its largest net outflow from exchanges in 6 months

Over $70,000 BTC worth $1.52B left exchanges on October 26th 👀 pic.twitter.com/WN3awvGPeE

— IntoTheBlock (@intotheblock) October 28, 2022

Reserves held on exchanges have also continued to decline uninterruptedly, hitting multi-year lows in October and recovering to January 2018 levels retired non-exchange related wallet.

According to Glassnode, over 123,500 BTC, or 0.86% of the total supply, was withdrawn in the first three weeks of October alone. While FX reserves are not a signal in and of themselves, they do provide a positive backdrop in the context of bearish market conditions.

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Most wallet cohorts showed a noticeable change in their behavior towards balance changes in October. Small BTC holders (<1 BTC) as well as whales (up to 10,000 BTC) have gone from net balance distribution and reduction to net balance accumulation and increase.

Prices have remained stable with little volatility, indicating a tendency for patients to cluster around bottoms. Given that prices have been flat and showing low volatility, this suggests a tendency for patient accumulation at lows.

Bitcoin builds base at $20,000

Cryptocurrency markets halted their two-day rise after an unexpectedly upbeat US GDP report that failed to dissuade investors from underlying concerns about inflation and a possible deep recession.

Contrary to forecasts for growth of 2.4%, the US economy grew by 2.6% in the third quarter. In contrast to contractions of 1.6% and 0.6% in the first and second quarters, the economy appears to be expanding. BTC fell to lows of $20,034 before recovering slightly to around $20,134 where it is currently trading.

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