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BTC The Bitcoin exchange experienced its largest single-day net outflow in nearly seven months
According to Sanitation data, the net outflow of bitcoins (BTC) from the exchange reached 24,073 on Monday, setting a record for the highest single-day outflow in nearly seven months. At the same time, the total amount of Bitcoin held on exchanges as a proportion of total market supply has fallen back to about 6.50%.
Large investors withdrawing tokens from exchanges may indicate that they tend to hold Bitcoin for the long term. As the number of tokens ready to be sold on the market decreases, if demand remains strong, market selling pressure is expected to be further reduced.
Why is Bitcoin being withdrawn in large quantities from exchanges?
Sanitation pointed out that this latest development may mean that BTC investors are moving assets from exchanges to more long-term storage methods. The platform emphasized that while a decline in exchange supply may enhance bullish prospects, a single data point does not constitute a definite market signal.
The last such significant outflow occurred on March 1. This trend has been particularly interesting since then, especially given that the proportion of BTC waiting to be traded on exchanges as a proportion of total supply has continued to decline. The importance of this data lies not only in the amount of bitcoins flowing out, but also in exploring a core question: why investors still choose to keep coins in their personal wallets rather than redeposit them on exchanges when prices rise.
What level has the supply of Bitcoin on exchanges dropped?
Bitcoin holdings on exchanges have dropped to about 6.50% of the total supply, according to Sanitation. This means that the supply of liquidity available for immediate sales is decreasing. CryptoQuant's data also reflects a similar situation: while BTC prices have risen recently, mid-amount BTC recharges on some large exchanges have declined. This suggests that even in the face of rising prices, specific groups of investors are less willing to transfer coins to exchanges.
Why did Binance and Coinbase have reduced Bitcoin recharges?
Data shows that Binance's 7-day average medium BTC recharge volume dropped from 4,155 on August 16 to 2,648 on October 7, a decrease of approximately 36%. During the same period, Coinbase Prime's medium recharge volume also dropped from 1,620 to 1,370, a drop of approximately 15%.
However, Coinbase Advanced showed a different trend, with the number of mid-value deposits on its platform increasing to 4,760 from 2,520 in August. Despite this, the latest data is still below 5,000. Current values for Binance and Coinbase Prime are still lower than the larger recharge surges that occurred during February, June and August of the beginning of the year. As a result, the dataset shows no signs of large-scale transfer of bitcoin to exchanges by mid-sized investors.
Will Bitcoin ETF fund inflows restart?
美国现货比特币ETF在本周也出现了方向性转变。基金在周一经历约9,000万美元的净流出后，周二实现了1.19亿美元的净流入。反弹主要由BlackRock的IBIT基金引领，该基金获得1.22亿美元流入，创下ETF间单日最大资金流入纪录。Morgan Stanley的MSBT基金也吸引了784万美元流入。相比之下，Grayscale Bitcoin Mini Trust因约1,100万美元的流出成为当日亏损最大的产品。
ETF资金流向的回暖，结合交易所BTC供应量的收缩，表明市场需求端并未完全疲软。然而，这两项数据的同步变动并不能单独保证比特币价格的新上涨。当前的核心图景是：交易所持仓减少与部分投资者不愿为销售而将硬币转入交易所的结合。如果ETF中的资金流入能够持续，低交易所供应量对价格的潜在影响将受到更密切的关注。
本内容基于一般市场数据，不构成投资建议。建议读者进行独立研究。
