Centralized exchanges are experiencing net outflows as the price of Bitcoin approaches $35,000. This surge in Bitcoin's price has caused a shift in investor sentiment, with many choosing to hold onto their crypto rather than sell. Data from CoinGlass reveals that exchanges like Binance and Crypto.com have seen significant outflows, indicating a bullish sentiment among investors. Additionally, there has been a liquidation of short positions, with over $400 million worth being liquidated across multiple exchanges. While the recent asset movement is largely attributed to increasing prices, some suggest that it may also be driven by the need for more secure storage. As of now, Bitcoin is trading at $34,539 with a market capitalization of $1.27 trillion. Other altcoins like Ethereum, Solana, Ripple, and Cardano have also seen gains. The growth in the market can be partially attributed to the speculation of a potential approval of a spot BTC ETF application by the SEC. This has led to a 16-month high in Bitcoin's price and a shift in the Bitcoin Fear and Greed Index from fear to greed. The positive performance of Bitcoin and other virtual assets aligns with the overall investor sentiment in the finance and technology sectors.
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