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<\/p>\nIn the midst of a turbulent global landscape and an unpredictable financial market, Bitcoin exchanges are now witnessing substantial outflows.<\/p>\n
On Wednesday, crypto analyst Ali Martinez highlighted this development, tweeting that nearly 33,000 Bitcoins, worth around $924 million, were withdrawn from known cryptocurrency exchange wallets over the last five days, as per data from Cryptoquant.<\/p>\n
Elsewhere, Bitstamp Exchange has witnessed its most significant outflow in over a year, with approximately 5,000 Bitcoins, equivalent to roughly $140 million, leaving the platform. Bitstamp’s holdings stand at about 40,000 Bitcoins, marking the lowest level since 2013.<\/p>\n
Analysts have suggested that this movement to cold storage indicates that long-term holders are betting on a bullish future for Bitcoin. The substantial outflow has reduced the liquid supply of Bitcoin on exchanges, which could, in turn, drive the price higher.<\/p>\n
Conversely, yesterday, on October 18, OKX Exchange saw its most substantial Bitcoin inflow in almost three years, with roughly 8,000 Bitcoins valued at approximately $224 million. OKX boasts a year-to-date high, holding approximately 143,000 Bitcoins, a level not seen since January 2021. The volatility in OKX’s flow highlights the unpredictable nature of Bitcoin exchanges and the contrasting strategies adopted by individual platforms amid ongoing market instability.<\/p>\n
That said, some experts have argued that these contrasting observations are reminiscent of the conditions observed in November 2020 when the previous bull run commenced.<\/p>\n
Meanwhile, analysts have been quite bullish in their predictions. They speculate that the potential approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC) could come sooner than expected. Notably, a Wednesday report by Law360 stated that the SEC’s choice not to contest the reversal of its rejection of Grayscale Investments’ bitcoin exchange-traded fund proposal indicates a strong likelihood that the agency is gearing up for the approval of multiple ETFs involving bitcoin.<\/p>\n
That said, an ETF approval is expected to profoundly impact the cryptocurrency market. According to a report by CryptoQuant, the approval of a Bitcoin ETF could inject an estimated $1 trillion into the cryptocurrency market cap, potentially driving the cryptocurrency’s price to $73,000.<\/p>\n
In light of these developments, Bitcoin has remained strong, maintaining its position above the $28,000 psychological support. The cryptocurrency was trading at $28,788 at press time, reflecting a 2% increase over the last 24 hours. Over the past week, BTC has surged by just over 7%.<\/p>\n