Bitcoin on exchanges continues to drop


Coinciding with Bitcoin price gains, the BTC supply on exchanges continues to remain below the Sept. 4 monthly peak. Exchanges have shed over 70,000 BTC since that monthly peak.
The market perceives coins leaving crypto exchanges as a bullish signal, given traders withdraw their BTC typically when they want to hold it in self-custody long-term. On Oct. 19, long-term Bitcoin holders hit 76% of all BTC ownership for the first time in history.
With Bitcoin continuing to leave exchanges, liquidations tend to have a strong impact on price. In the past 24 hours alone, over $10.1 million in BTC shorts have been liquidated, with over $8.5 million in shorts being liquidated in a 12-hour timeframe.
Bitcoin price showing some bullish momentum is helping boost market sentiment. The Bitcoin Fear & Greed Index shows the market has shifted from fearful to neutral, gaining seven points in a week.
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