Bitcoin Worth Over $1 Billion Transferred Out of Exchanges in One Week
Recent data from IntoTheBlock indicates a surge in Bitcoin outflows from cryptocurrency exchanges, suggesting a potential trend of accumulation in the market. Over the past week, centralized crypto exchanges experienced a net outflow of more than 16,500 Bitcoin (BTC), equivalent to a value exceeding $1.01 billion. Within the last 24 hours alone, approximately 2,200 BTC departed from these platforms.
The bulk of these net outflows occurred on August 27, with Binance, the leading cryptocurrency exchange in terms of trading volume, witnessing a significant outflow of 48,000 BTC on that day. In a report by crypto.news, it was revealed that Binance had seen a total outflow of over $3.7 billion in Bitcoin and Ethereum (ETH) within a 30-day period.
The increased net outflows suggest that investors are actively accumulating the asset despite prevailing bearish sentiments for September. Notably, data from IntoTheBlock shows that large Bitcoin wallets, holding at least 0.1% of the circulating supply, experienced a net outflow of 1,123 BTC, valued at more than $66.2 million, over the past two days.
A report by crypto.news on August 29 highlighted a drop in Bitcoin reserves on crypto exchanges to 2.38 million BTC, reaching lows not seen since 2024. This decline in exchange reserves indicates a potential initiation of the accumulation phase by investors.
The transfer of assets to self-custodial wallets often signifies optimistic expectations in the market. Despite historical bearish trends in September for Bitcoin prices, data indicates that the cryptocurrency has shown impressive monthly gains in October over the past 11 years.
While Bitcoin faced a bearish start to the current month, it has rebounded by 2.1% in the last 24 hours. At the time of reporting, BTC is trading at $58,900 with a market capitalization of $1.16 trillion, accompanied by a daily trading volume hovering around $25 billion. This data suggests ongoing market activity and potential shifts in investor sentiment.
