Bitcoin exchange outflows hit a 7-month high
In this news:
Key takeaways
- Net exchange outflows of Bitcoin reached a seven-month high of 24,073 BTC on Monday.
- Large wallets holding between 10 and 10,000 BTC added 86,702 tokens over three weeks.
- Analyst Ali Martinez predicts potential support at $82,000 and a possible rally toward $100,000.
Bitcoin exchange outflows surge to seven-month high
In spite of the fact that Bitcoin led the broader cryptocurrency market selloff on October 7, BTC’s market capitalization fell by over 70 billion over the past 24 hours; on-chain data indicates that the net supply of BTC on crypto exchanges has declined as outflows surged to a 7-month high.
A net outflow of 24,073 Bitcoin from crypto exchanges was recorded on Monday, the biggest single-day exodus since March 1, according to data Finbold fetched from Santiment. As a result, the net supply of Bitcoin available for trading has drastically declined to the lowest level in 7 months and 5 days.
Whale accumulation and retail selling
This significant volume of Bitcoin leaving crypto exchanges has coincided with aggressive accumulation by whales and shark accounts, addresses holding between 10 and 10,000 BTC, led by BlackRock Inc., as Finbold reported. Specifically, these large Bitcoin wallets added 86,702 BTC over the last 3 weeks, as per metrics from Santiment.
Meanwhile, tiny wallets, Bitcoin addresses holding less than 0.01 BTC, have been on a selling spree over the recent past.
Price performance and analyst targets
As Bitcoin whales potentially catalyzed heightened accumulation from crypto exchanges, BTC price gained bullish momentum. Over the past 30 days, although BTC price scaled 5.37% amid intense whale accumulation, it signaled bullish sentiment, potentially a new higher high.
This Whale accumulation and surging exchange withdrawals have restored market confidence. Consequently, crypto analyst Ali Martinez has urged traders to expect another bull run towards his target of $100,000.
Martinez expects BTC’s price to find a strong support level around $82,000, which he believes could set the stage for a rally towards the all-time high.
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