Bitcoin (BTC) appears to be flying off the shelves at one of the largest crypto exchanges in the world.
About $2.5 billion worth of BTC exited top crypto exchange Binance between October 29th and 30th, according to data from the crypto analytics firm Glassnode.
Exchange withdrawals potentially point to accumulation.
In a new video, the pseudonymous analyst and host of InvestAnswers tells his 444,000 YouTube subscribers that a recent large BTC movement represents “easily the largest Bitcoin purchase ever on Binance.”
“Now, why that number $2.5 billion is important… If somebody does 20 more of these sized purchases, Bitcoin is gone from exchanges, ladies and gentlemen. Gone. That’s how scarce this asset is. That’s what makes me excited. I get up every day and say with confidence, ‘This is going to be a fun next few years,’ despite what we’ve just been through.”
Glassnode’s data indicates Binance had witnessed exchange inflows for most of October prior to the large withdrawals recently.
Bitcoin is trading at $20,494 at time of writing. The top-ranked crypto asset by market cap is down 0.12% in the past 24 hours but up nearly 1.5% in the past seven days. BTC remains down more than 70% from its all-time high of more than $69,000, which it hit nearly one year ago.
IDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/svtdesign