According to a report by 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 is 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 custody their cryptocurrencies or indicating a preference for a long-term holding strategy.
Among the 12 bitcoin spot ETFs filed in the United States, 9 of them designate Coinbase as the bitcoin custodian. Data from analytics company CryptoQuant shows that Coinbase alone has seen an outflow of over 18,000 bitcoins, leading the community to speculate on institutional activity prior to the potential approval of ETFs 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 quantity of coins held on exchanges, all else being equal, implies weakened selling pressure and potential price increases.
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