In the past few days, the trading price of Bitcoin (BTC) has reached a significantly higher level. The buying activity surrounding Bitcoin has been very high which has attracted many investors to join the trend.
The trading price of Bitcoin has risen so much that it has managed to hit a six-week high figure. Therefore, many have high hopes for Bitcoin and wish to see it hitting higher marks in near future.
Data from CryptoQuant
As the trading price of Bitcoin has continued rising, investors are taking more and more interest in Bitcoin’s price movement.
CryptoQuant, an on-chain analytics platform has also been keeping a close eye on all major exchanges. It is aiming to track the flow of cryptocurrencies in and out of the exchanges.
So far, CryptoQuant has recorded a huge change in the Bitcoin holding of Binance. According to CryptoQuant’s records, it has witnessed a great amount of Bitcoin leave its platform.
As per the data collected, it is the highest Bitcoin outflow CryptoQuant has recorded in a single day.
Investors have ignored the Macro Bottom Warnings
For a while, analysts and market experts have continued pointing out the macro bottom. They warned that Bitcoin is yet to hit its macro bottom, which may occur at any time.
Still, the investors have ignored all such claims and have carried on buying as much Bitcoin as possible.
With the price of Bitcoin rising over and consolidating over the $20,000 level, the investors wasted no time and started buying Bitcoin on a large scale.
CryptoQuant has gone on to confirm that the majority of the major exchanges have confirmed that they have recorded a decline in their BTC balances.
In the past couple of days, the behavior of the investors has changed towards Bitcoin. They have continued accumulating Bitcoin on a very high scale, as exchanges are witnessing declines in balances.
Binance has recorded the Highest Outflows
Binance, which is the largest exchange with respect to trading volume, has continued setting new records.
The latest report shared by Binance shows that it has recorded the highest daily Bitcoin outflow. The report shows that on October 26, the total Bitcoin that left the Binance exchange are 55,000 BTC.
So far, this is the highest number of Bitcoin the exchange has recorded leaving its balance in a single day.
The acquisition level of the investors for Bitcoin over the $20k barrier was higher than the acquisition level recorded when Bitcoin had hit a low of $17,600.
The lowest price Bitcoin hit in the year 2022 was back in June when it fell to $17,600. The acquisitions recorded during the 2020 crash were also no match for the October 26 acquisition.