24,000 Bitcoin moved off exchanges in a day, yet the price is still falling
On-chain data shows that about 24,073 Bitcoin flowed out of exchanges on a net basis on Monday, worth roughly $2 billion at the time. That was the largest single-day net outflow since March 1. Only about 6.5% of the total Bitcoin supply remains on exchanges. Another data provider puts exchange balances at around 2.68 million Bitcoin, the lowest level since 2023.
In theory, when coins are withdrawn, there are fewer immediately available to sell—a bullish signal. But the price didn’t respond: Bitcoin closed at 85,766 on Binance on Monday and is around 83,000 today, after hitting an intraday low of 82,227. It has fallen for three straight days. U.S. spot Bitcoin ETFs also saw net outflows of about $485 million on Wednesday.
My take is that two groups are doing different things. Addresses holding 10 to 10,000 Bitcoin have added about 86,700 coins over the past three weeks, gradually moving them into cold wallets, while short-term investors and ETFs are pulling out. Long-term accumulators aren’t in a hurry to sell, but in the short term, selling pressure is still calling the shots.
I’ll keep holding my spot Bitcoin, neither chasing the price nor selling out. I’ll consider adding more once ETF flows stop turning negative.
#BTC $BTC
On-chain data shows that about 24,073 Bitcoin flowed out of exchanges on a net basis on Monday, worth roughly $2 billion at the time. That was the largest single-day net outflow since March 1. Only about 6.5% of the total Bitcoin supply remains on exchanges. Another data provider puts exchange balances at around 2.68 million Bitcoin, the lowest level since 2023.
In theory, when coins are withdrawn, there are fewer immediately available to sell—a bullish signal. But the price didn’t respond: Bitcoin closed at 85,766 on Binance on Monday and is around 83,000 today, after hitting an intraday low of 82,227. It has fallen for three straight days. U.S. spot Bitcoin ETFs also saw net outflows of about $485 million on Wednesday.
My take is that two groups are doing different things. Addresses holding 10 to 10,000 Bitcoin have added about 86,700 coins over the past three weeks, gradually moving them into cold wallets, while short-term investors and ETFs are pulling out. Long-term accumulators aren’t in a hurry to sell, but in the short term, selling pressure is still calling the shots.
I’ll keep holding my spot Bitcoin, neither chasing the price nor selling out. I’ll consider adding more once ETF flows stop turning negative.
#BTC $BTC