Bitcoin price surge sees significant asset outflow on crypto exchanges

Major crypto exchanges recorded a net outflow on Oct. 24 as Bitcoin price briefly touched the $35,000 mark for the first time in a year. The movement of funds away from exchanges is considered a bullish sign as traders move their assets away from the centralized platforms in anticipation of a price surge.

According to data shared by crypto analytic firm Coinglass, Binance saw the biggest outflow with over $500 million moving off the exchange over the past 24 hours followed by with $49.4 million in outflow followed by OKX with $31 million in outflow. Most other exchanges recorded below $20 million outflow.

Outflow from crypto platforms in recent times has led to “bank run”…

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