- Bitcoin rose to a new all-time high above $82,000 on November 11, 2024
- More than 40,000 Bitcoin, valued at nearly $3.28 billion, left exchanges over the past week
The price of Bitcoin (BTC) climbed to a fresh record above $82,000 as broad market momentum continued to drive sentiment higher.
On Monday, BTC reached highs of $82,329 on major exchanges, lifting the flagship digital asset more than 20% over the past week.
Gains extended to many altcoins as well, with notable moves from Ethereum, which surpassed $3,100, and Solana, which pushed toward a new high so far. Cardano, BNB, and meme coins such as Dogecoin and Shiba Inu also traded higher.
More than 40,000 BTC leave exchanges
According to crypto analyst Ali Martinez, Bitcoin’s new ATH coincided with a surge in the amount of BTC leaving exchanges. Last week, Martinez noted on X that optimistic BTC holders withdrew over 40,000 bitcoins from trading platforms.
That represents almost $3.3 billion worth of Bitcoin exiting exchanges. Exchange balances for Bitcoin plunged over the past seven days as outflows accelerated.
Positive market sentiment appears to be driving this trend. Two major catalysts cited are Donald Trump’s election victory in the U.S. and expectations for rate cuts. At the same time, rising institutional demand fueled by spot ETF inflows also helped BTC push past the $82,000 threshold.
What’s next for Bitcoin’s price?
BTC price forecasts now suggest a possible move toward $100,000 before year-end. With that scenario in mind, many traders have adopted a short-term bearish stance after recent gains wiped out significant positions.
According to Coinglass data, the past 24 hours saw astonishing crypto market liquidations totaling $270 million. Meanwhile, traders betting on further upside in Bitcoin suffered liquidations amounting to $361 million.
Overall, more than 208,800 traders were liquidated in the last 24 hours, with total liquidations reaching $632.57 million, including roughly $124 million from short positions on Bitcoin.