Bitcoin Price Surge to $35K Sparks Bullish Sentiment and Massive Outflows from Exchanges

Bitcoin price surged to $35K for the first time in a year, sparking significant outflows from crypto exchanges as traders moved assets to secure storage.

Exchanges like Binance saw over $500M in outflows, indicating bullish sentiment rather than fear-driven withdrawals.

Bitcoin outflows aligned with BTC's price increase, while liquidations of short positions totaled $400M.

The market value to realized value (MVRV) ratio hit 1.47, nearing the 1.5 threshold that marked previous bull runs.

The crypto market cap rose over 7.3% to $1.25 trillion, its highest since April, possibly fueled by speculation around a Bitcoin ETF launch.