In one day, 24,073 Bitcoins were withdrawn from cryptocurrency exchanges, marking the most significant outflow in the past seven months. According to the analytics platform Santiment, since a similar outflow was observed on March 1, the amount of Bitcoin held on exchanges has decreased to 6.50% of the total supply. Large outflows are often seen as a positive signal, as they reduce the availability of coins for sale. With stable demand, more limited supply can support price growth. Santiment noted: “Continuous withdrawals may signal that investors are moving BTC into long-term storage rather than preparing to sell. Although outflows themselves guarantee nothing, the decrease in supply on exchanges strengthens an optimistic sentiment.” Additional data from CryptoQuant also highlights positive dynamics. According to their analysis, medium-sized Bitcoin inflows to some large exchanges have decreased, although the crypto asset has risen by more than 33% since mid-August.
On the Binance exchange, the average inflow volume over the past seven days fell from 4,155 BTC on August 16 to 2,648 BTC on October 7, a decrease of more than 36%. Meanwhile, the price of Bitcoin during this period increased from nearly $63,000 to over $84,000. Coinbase Prime also saw a decline: inflows decreased from 1,620 to 1,370 BTC, about 15%. At the same time, on Coinbase Advanced, medium-sized inflows increased from 2,520 to 4,760 BTC, although current values remain below the 5,000 BTC level. The trend indicates that the decrease in inflows to exchanges may signal a reduction in selling activity. Medium-sized investors do not seem eager to send their coins to exchanges.
On the other hand, at the level of institutional investors, there are suddenly positive changes in applications for spot Bitcoin ETFs in the US. After starting the week with nearly $90 million in net outflows, funds demonstrated inflows totaling $119 million the next day. The main driver of the recovery was BlackRock's IBIT ETF, which attracted $122 million in new funds and showed the largest inflow among ETFs. Morgan Stanley's MSBT ETF also received $7.84 million, while the Grayscale Bitcoin Mini Trust suffered the largest outflows, losing about $11 million.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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