• Nearly $400M in crypto liquidations over 24 hours has pushed Bitcoin beyond the $23k threshold.
• Only 11.7% of all Bitcoin is currently held on exchanges, the lowest amount since December 2017.
• Nearly $500 million in Bitcoin has been withdrawn from exchanges in the past 24 hours, while Ethereum has seen $100 million withdrawals in the same timeframe.
The crypto market has been on a bull run over the past few weeks, with Bitcoin recently surpassing the $23k threshold. This surge has been largely attributed to liquidations of nearly $400 million in the past 24 hours, with data from Glassnode showing that only 11.7% of all Bitcoin currently held on exchanges, the lowest amount since December 2017.
The withdrawal of Bitcoin from exchanges has been a major factor in this surge, with nearly $500 million in Bitcoin being withdrawn from exchanges in the past 24 hours. Ethereum has seen a similar trend, albeit to a lesser extent, with $100 million in Ethereum being withdrawn in the same timeframe. This suggests that investors are increasingly looking to store their cryptocurrency in more secure wallets, rather than leaving them on exchanges.
The increasing demand for Bitcoin and other cryptocurrencies is also a driving factor in the current bull run. Institutional investors have been pouring money into the cryptocurrency market, with large corporations like Tesla and MicroStrategy investing millions of dollars in Bitcoin. This increase in institutional demand has been a major factor in the recent surge, with more and more investors turning to cryptocurrencies as a safe-haven asset.
The future of the cryptocurrency market remains uncertain, with many analysts predicting that the bull run will continue for some time. However, it is important to remember that the crypto market is still highly volatile and can move quickly in either direction. Therefore, investors should remain cautious and do their own research before investing in any cryptocurrency.