On-chain data indicates a significant increase in Bitcoin outflows from cryptocurrency exchanges, suggesting potential accumulation. According to data from IntoTheBlock, centralized crypto exchanges experienced a net outflow of over 16,500 Bitcoin (BTC) — worth over $1.01 billion — in the past seven days. Approximately 2,200 BTC left these platforms in the past 24 hours alone.

Bitcoin Price and Exchange Net Flows

ITB data reveals that the majority of the net outflows occurred on August 27. On this date, Binance, the largest cryptocurrency exchange by trading volume, recorded a net outflow of 48,000 BTC. Over the past 30 days, Binance witnessed an outflow exceeding $3.7 billion worth of Bitcoin and Ethereum.

Investor Accumulation and Market Trends

The increased net outflows indicate that investors are accumulating Bitcoin despite bearish expectations for September. Data from ITB shows that large Bitcoin wallets, holding at least 0.1% of the circulating supply, experienced a net outflow of 1,123 BTC — worth over $66.2 million — over the past two days.

Recent reports highlight that Bitcoin reserves on crypto exchanges dropped to 2.38 million BTC, reaching 2024 lows. This trend suggests that an accumulation phase might be underway.

When investors move assets to their self-custodial wallets, it’s often a sign of bullish expectations.

Market Performance and Future Outlook

While September has historically been bearish for Bitcoin, data indicates impressive monthly gains for October over the past 11 years. Despite a bearish start to this month, Bitcoin regained 2.1% over the past 24 hours. Currently, BTC is trading at $58,900 with a market cap of $1.16 trillion. The asset’s daily trading volume is around $25 billion.

Stay updated with the latest cryptocurrency news and trends on Global Crypto News.

Post Views: 2