Bitcoin experienced its biggest single-day outflow from centralized exchanges since April 2024, with more than 17,000 BTC worth approximately $1.6 billion leaving exchanges on Wednesday, according to Glassnode data shared by Bitwise Head of Research Andrew Dragosch.
Bitcoin Sees $1.6 Billion In Biggest Bullish Breakout Since April
Dragosch noted that the outflows indicate that institutional investors and whales are accumulating Bitcoin. Typically, investors move coins from exchanges to their own safekeeping when they plan to hold them for the long term, indicating bullish sentiment.
Coinbase led the withdrawals, recording a net outflow of over 15,000 BTC.
Further analysis by Timechainindex.com revealed that Coinbase split four addresses holding more than 20,000 BTC into 60 separate addresses, suggesting large purchases by ETFs or MicroStrategy.
On-chain data from CryptoQuant also showed that total net outflows from all crypto exchanges reached 47,000 BTC, reinforcing the significant Bitcoin accumulation trend.
Despite falling below $96,800 in the U.S. late Wednesday, Bitcoin rebounded earlier today following reports that President Donald Trump’s son Eric Trump had encouraged family-linked crypto platform World Liberty Financial to make its first Bitcoin investment.
*This is not investment advice.
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