Bitcoin is experiencing a surge in outflows from centralized crypto exchanges, hitting its highest level in eight months, indicating a significant shift in market dynamics.

Interestingly, this trend coincides with a rapid accumulation among crypto whales, pointing towards a transformative phase for Bitcoin’s valuation.

Bitcoin Outflows Hit $540 Million

On-chain data from IntoTheBlock, a prominent market intelligence platform, shows weekly net outflows from centralized exchanges have peaked. Approximately $540 million worth of Bitcoin was withdrawn this week, marking the largest net outflow since June 2023.

Earlier in the week, CryptoQuant’s head of research, Julio Moreno, identified the largest hourly Bitcoin outflow this year from Coinbase. According to him, 18,746 Bitcoin, estimated at $1 billion, were moved in two transactions within the same block.

“The transactions have all the patterns that would suggest: – The Bitcoin is going into custody (input consolidation, new addresses being created with large holdings of 866 or more Bitcoin), or – It is just an internal wallet reorganization. The first option implies institutions buying Bitcoin,” Moreno explained.

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Author: Oluwapelumi Adejumo

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