• Nearly $400 million in crypto liquidations over the past 24 hours have pushed Bitcoin above the $23,000 mark.
• Only 11.7% of all BTC supply now sits on exchanges, the lowest amount since December 2017.
• Almost $500 million in Bitcoin has been withdrawn from exchanges in the past 24 hours.

The past 24 hours have been quite eventful for the cryptocurrency market as nearly $400 million in crypto liquidations pushed Bitcoin above the $23,000 mark. Data from Glassnode shows that this is the highest level that Bitcoin has reached in its history.

The liquidations were triggered by a surge in buying activity, as traders and investors rushed to buy up the digital asset on the back of the recent bull run. This resulted in a massive withdrawal of funds from exchanges, with an estimated $500 million worth of Bitcoin being pulled off exchanges in the past 24 hours. This is the highest amount of Bitcoin withdrawn from exchanges since the 2017 bull run.

The massive outflow of funds from exchanges has resulted in the lowest amount of Bitcoin sitting on exchanges since December 2017. Currently, only 11.7% of the total Bitcoin supply is held on exchanges, down from 25% in October. This indicates that investors are increasingly confident in the long-term prospects of the asset and are taking their holdings off exchanges and onto more secure storage solutions.

The surge in buying activity has also helped to drive up the price of other digital assets, with Ethereum and other altcoins also posting strong gains in the past 24 hours. This is a sign that the bullish momentum in the crypto market is continuing to build, with investors increasingly turning to cryptocurrencies as a safe haven asset.

Overall, the past 24 hours have been highly positive for the crypto market, with Bitcoin reaching a new all-time high and other digital assets posting impressive gains. With the amount of Bitcoin held on exchanges at its lowest level since 2017, it appears that investors are increasingly confident in the long-term prospects of the asset and are taking their holdings off exchanges and onto more secure storage solutions. As the bullish momentum continues to build, the crypto market could be in for an even bigger rally in the weeks and months ahead.