Home

Crypto Outflows Surge as Bitcoin Faces Uncertain October Momentum

08.10.2024 13:00 1min. read Alexander Zdravkov
SHARE: SHARES
Crypto Outflows Surge as Bitcoin Faces Uncertain October Momentum

Data from cryptocurrency exchanges indicates that significant amounts of capital have left the market over the past month, potentially stalling any short-term upward momentum.

While a major rally for Bitcoin in October seems unlikely, optimism for a strong fourth quarter remains high among investors.

According to Defillama, most major exchanges have experienced notable outflows recently, with over $2.68 billion withdrawn, including a substantial portion in stablecoins. Nansen reports a steep drop in stablecoin reserves across exchanges, decreasing from $38.5 billion to $35 billion, which signals reduced buying power and market interest.

Meanwhile, BlackRock, a key player in the institutional crypto space, recently saw its second large Bitcoin withdrawal of the year, with 256 BTC moved out. This follows a pattern seen earlier in the year and suggests the company’s accumulation has slowed. The last such event occurred in May, when Bitcoin’s price dipped below $60,000.

ETF investors have also shown signs of caution, with three out of the first five trading days in October recording negative inflows. Analysts are keeping a close watch on these trends, warning that continued outflows may limit any significant price gains this month. Nonetheless, many still expect Bitcoin to regain momentum later in Q4, with some pointing to historical patterns of late-month recoveries.

Telegram

SHARE: SHARES
More Others News

Support CryptoDNES

QR for the Bitcoin/Ethereum Address:

QR for the Bitcoin/Ethereum Address:

No Comments yet!

Your Email address will not be published.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.