$1.5 Billion Worth of BTC Shifted in Largest Single-Day Outflow: Details

Oct 29,2022
$1.5 Billion Worth of BTC Shifted in Largest Single-Day Outflow: Details

According to the data information of the enterprise IntoTheBlock analyzed on the chain, BTC has just achieved the largest net outflow of an exchange in six months. It stressed that more than 70000 BTCs with a value of US $1.52 billion left the exchange within one day, i.e. October 26.

The foreign exchange reserves held by the Exchange have also been continuously decreasing, reaching multi-year lows in all October, and rebounding to the level from January 2018. Fundamentally, all the coins that have entered the exchange since the peak of the previous cycle are now captured in a wallet unrelated to foreign exchange transactions.

According to the data of Glassnode, more than 123500 BTC will be eliminated in the first three weeks of October alone, accounting for 0.86% of the supply. Although foreign exchange reserve itself is not a data signal, it provides a positive background in a bear market.

In October, most wallet sequences showed significant changes in their behavior towards account balance. Small and medium-sized BTC holders(<1 BTC) and likewise whales (up to 10K BTC) have shifted away from a net balance distribution and reduction and toward a net balance accumulation and increase.

The price has been maintained for a long time with little fluctuation, which indicates that the patients have accumulated around the low point of the section. Because the price is similar and the volatility is low, this indicates that the patient's accumulation and development trend at the low point of the section.

BTC construction base is 20000 dollars

The cryptocurrency market stopped rising for two days after the US unexpectedly released a proactive GDP report, which could not stop investors from worrying about the uncertainty of inflation and potential deep decline.

In contrast to the analysis of the 2.4% growth forecast, the US economy grew by 2.6% in the third quarter. Compared with 1.6% and 0.6% in the first and second quarters, economic development seems to have expanded. BTC plummeted to a low of US $20034, and then rebounded slightly to around US $20134. At this stage, the transaction price is US $20134.