Billions in Bitcoin and Ethereum Outflows from Exchanges This Week

Investors are withdrawing significant amounts of Bitcoin and Ethereum from centralized exchanges, signaling a potential shift in sentiment. Data from Sentora indicates substantial outflows:

Bitcoin: Over $2 billion withdrawn in a week, marking one of the largest movements this quarter.
Ethereum: Approximately $600 million in outflows during the same period.

This trend follows an unfavorable month for crypto markets, with both Bitcoin and Ethereum closing October with negative returns, ending a long-standing pattern of bullish Octobers. Despite the negative monthly performance, exchange outflows could reduce selling pressure by limiting the availability of assets for immediate sale, potentially setting the stage for price increases in November.

Further data shows reduced activity on the blockchains:

Bitcoin fees: $2.03 million, down 8.6% from the previous week.
Ethereum fees: $5.05 million, a decrease of 13.2%.

The current movement may suggest that whale traders are positioning themselves for potential bullish trends in November.