Bitcoin Price Surge Followed by Significant Asset Outflow from Exchanges

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The outflow of Bitcoin from crypto exchanges is considered a bullish sign, as it indicates traders are moving their assets away from exchanges and no longer want to sell.

Major crypto exchanges recorded a net outflow on Oct. 24 as the price of Bitcoin briefly touched the $35,000 mark for the first time in a year. The movement of funds away from exchanges is considered a bullish sign, as it indicates traders are moving their assets away from exchanges to secure storage, expecting prices to increase.

According to data shared by crypto analytic firm CoinGlass, Binance saw the biggest outflow, with over $500 million moving off the exchange over the past 24 hours, followed by crypto.com with $49.4 million in outflows, and OKX with $31 million. Most other exchanges recorded less than $20 million in outflows.

Outflows from crypto platforms recently have led to “bank run” fears after the FTX collapse in November 2022. However, the most recent outflows align more with trader sentiment than fear-induced withdrawals during the peak bear market. Glassnode data confirms that the Bitcoin outflows from exchanges over the past few days have risen in line with BTC’s price surge.

The price surge also led to the liquidation of roughly $400 million worth of short positions. Over the last 24 hours, 94,755 traders saw derivative positions liquidated. The largest single liquidation order happened on Binance, worth $9.98 million.

Sam Bankman-Fried Will Testify at Criminal Trial

In an Oct. 25 telephone conference between SBF’s lawyers, prosecutors, and Judge Lewis Kaplan, Cohen said following the prosecution completing the presentation of its case on Oct. 26, his team planned to call three witnesses as well as Bankman-Fried to the stand. Judge Kaplan said he would allow the case to go “straight through” on Oct. 26, moving directly from the prosecutors’ final witness to the defense’s first one.

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According to Cohen, the defense is not expected to take more than three days to question the three potential witnesses, which included an attorney based in the Bahamas, Joseph Pimbley from litigation consulting firm PF2 Securities, and an individual to testify on the titles and responsibilities of former FTX employees. By Kaplan’s estimation, the defense case could take “perhaps an hour,” excluding SBF’s testimony.

The United States government is expected to wrap up its case against SBF on the morning of Oct. 26, with defense attorneys likely finishing the following day. Prosecutors added they were uncertain whether rebuttal witnesses would be necessary depending on Bankman-Fried’s testimony. Closing arguments could be held before Oct. 31.

Uncipherred Offers Ripple CTO to Crack His Personal Bitcoin Hardware Wallet

The crypto community has been on the edge of its seats as the story of Stefan Thomas, the former Chief Technology Officer at Ripple, unfolds. Thomas is in a predicament, having an IronKey hard drive with a whopping 7,002 BTC, an equivalent of approximately $244 million, and a mere two password attempts left to unlock it. The hard drive has a stringent security feature that erases all stored data after ten incorrect password attempts, eight of which have already been used by Thomas.

In a crucial turn of events, a crypto recovery firm named Unciphered has stepped forward with a proposition. The firm has addressed Thomas directly, offering their specialized services to unlock the IronKey hard drive and retrieve the Bitcoin fortune. Their confidence stems from a method they have developed, capable of cracking the hardware and safely accessing the BTC keys, which have been out of reach for years. This bold claim is backed by a recent success story, reported by Wired on October 25, where Unciphered managed to access a similar IronKey drive after a staggering “200 trillion tries,” effectively bypassing the infamous 10-attempt restriction.

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The plight of Stefan Thomas is not an isolated incident in the crypto world; numerous stories have circulated about users losing access to their digital assets. From a Redditor’s triumphant recovery of 127 BTC after a decade to the infamous case of James Howells, who accidentally threw away a hard drive containing around 7,500 BTC, these tales underscore the volatile nature of cryptocurrency storage. According to estimates from 2022, approximately 20% of Bitcoin’s total supply might be lost, locked away in forgotten wallets and inaccessible hard drives, representing billions of dollars.

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