The Bitcoin market is undergoing a significant shift as a substantial amount of the cryptocurrency has been withdrawn from exchanges. Within a span of two days, exchanges experienced an outflow of approximately $430 million worth of Bitcoin. On October 16, an estimated $250 million left exchanges, followed by an additional $200 million on October 17. Notably, around half of these outflows originated from Binance, one of the leading global cryptocurrency exchanges. These outflows indicate a decrease in the amount of Bitcoin held on exchanges, resulting in a significant price increase from around $26,500 to $28,500 within a short timeframe. It is worth mentioning that over four days, from October 14 to October 17, about 16,000 Bitcoin has been withdrawn from exchanges, bringing the total number of Bitcoin held in exchange wallets close to a year-to-date low of 2.3 million Bitcoin.
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