According to CoinDesk, data tracked by blockchain analytics company Glassnode shows that over 28,000 bitcoins (BTC) worth approximately $1.19 billion flowed out of centralized exchanges on Wednesday (27th). This marks the largest single-day outflow in terms of BTC since December 14, 2022.
The net outflow from exchanges is typically seen as investors intending to directly hold their cryptocurrencies or indicating a preference for long-term holding strategies.
Among the 12 bitcoin spot ETFs filed in the United States, 9 of them have designated Coinbase as the bitcoin custodian. Data from analysis firm CryptoQuant reveals that Coinbase alone saw an outflow of over 18,000 bitcoins, leading to speculation within the community regarding institutional activity before the potential approval of the ETF in early January.
The total balance of BTC in wallets associated with centralized exchanges has dropped to 2,327,025 BTC, the lowest level since April 2018. A decrease in the number of coins in exchanges, all else being equal, signifies weakened selling pressure and potential price increases.
