- Bitcoin surged to an all-time high above $82,000 on November 11, 2024
- More than 40,000 BTC — worth nearly $3.28 billion — left exchanges over the past week
Bitcoin (BTC) climbed to a fresh all-time high, breaking past $82,000 as bullish momentum strengthened market confidence. On Monday, BTC reached $82,329 on major exchanges, marking a more than 20% gain over the previous week. That rally also lifted many altcoins: Ethereum surged past $3,100, Solana pushed toward new yearly highs, and assets such as Cardano, BNB, Dogecoin and Shiba Inu traded at elevated levels.
More than 40,000 BTC Withdrawn from Exchanges
Crypto analyst Ali Martinez linked Bitcoin’s new ATH to a notable outflow of BTC from centralized exchanges. Over the past week, Martinez noted on X that profit-seeking Bitcoin holders withdrew more than 40,000 BTC from exchange custody — nearly $3.3 billion worth — contributing to a marked decline in exchange reserves during the seven-day period. 
The chart shared by Ali Martinez on X shows increased Bitcoin buying activity over the past week.
The broad bullish sentiment appears to have helped fuel this trend. Two major macro drivers cited were Donald Trump’s U.S. election victory and expectations of interest rate cuts. At the same time, growing institutional demand—fueled in part by inflows into spot Bitcoin ETFs—also supported BTC’s move above $82,000.
What’s Next for Bitcoin’s Price?
Price forecasts point to the possibility of BTC reaching $100,000 before year-end, though short-term volatility is expected. Many traders adopted bearish or cautious stances after taking profits from recent gains, and liquidations rose sharply amid the price swings. According to Coinglass data, the crypto market saw up to $270 million in liquidations within 24 hours. Long positions anticipating further upside were hit particularly hard, with long-side liquidations totaling about $361 million during the same window.
Overall, more than 208,800 traders were liquidated in the 24-hour period, with total liquidations amounting to $632.57 million. Short BTC liquidations accounted for roughly $124 million of that sum. These figures underscore how rapid price moves can trigger large-scale forced exits, amplifying intraday volatility even as the longer-term bullish thesis draws fresh capital and interest into Bitcoin.