Bitcoin Outflows Surge: $1.6 Billion Leaves Exchanges in Strongest Bullish Signal Since April

Bitcoin Sees $1.6B Outflow from Exchanges in Largest Withdrawal Since April

On Wednesday, centralized exchanges saw a massive net outflow of over 17,000 BTC—worth more than $1.6 billion at the market price of $98,600—according to Glassnode data shared by Andrew Dragosch, head of research at Bitwise.

This marks the biggest single-day Bitcoin withdrawal from exchanges since April 2024, indicating strong accumulation by large investors. “Whales are buying this dip,” Dragosch posted on X, highlighting that such movements often signal long-term holding intentions, a bullish market indicator.

However, analysts warn that exchange outflows can sometimes be attributed to internal transfers rather than new institutional purchases.

Coinbase was responsible for the majority of the movement, with net withdrawals exceeding 15,000 BTC, according to Dragosch. Data from Timechainindex.com showed that the exchange split over 20,000 BTC from four addresses into 60 smaller ones, hinting at major acquisitions, possibly by Bitcoin ETFs or MicroStrategy.

“We have strong evidence that this transaction is linked to cold storage,” Glassnode told CoinDesk, reinforcing speculation that institutions are securing Bitcoin off exchanges.

Further analysis from CryptoQuant revealed that all cryptocurrency exchanges collectively saw 47,000 BTC withdrawn on Wednesday, with Coinbase accounting for 15,800 BTC of the total.

Despite Bitcoin briefly dipping below $96,800 late Wednesday during U.S. trading hours, prices rebounded early Thursday after Eric Trump, son of President Donald Trump, encouraged World Liberty Financial—a crypto platform associated with the Trump family—to make its first Bitcoin investment.

About The Author

Admin

See author's posts