Quick Take
Bitcoin exchange balances have been witnessing a noteworthy trend of outflows, reaching a year-to-date low of 2.3 million Bitcoin recently. This movement was underscored by Bitcoin breaking through the $29,000 mark, a milestone accompanied by a seismic shift of $200 million worth of Bitcoin moving away from exchanges yesterday, Oct. 19.
This indicates a significant shift in Bitcoin holdings from exchanges to private wallets, possibly signaling increased investor confidence in holding onto their assets amid market volatility.
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