Bullish? This Hasn’t Happened to Bitcoin (BTC) in Over a Year
Centralized crypto exchanges just witnessed a major single-day outflow of bitcoins (BTC), the largest seen in more than a year.
According to data from blockchain intelligence platform Glassnode, over 28,000 BTC worth around $1.19 billion left centralized trading platforms on December 27.
The Largest Single-Day Inflow in a Year
The number of bitcoins that exited centralized exchanges on Wednesday has not been seen since December 14, 2022. The largest American crypto exchange, Coinbase, alone witnessed BTC outflows of 18,000, worth approximately $774 million, per data from the on-chain analytics platform CryptoQuant.
Coinbase has seen the highest outflows compared to other exchanges, with more than 31,400 BTC leaving the trading platform in the last 30 days, data from CoinGlass shows. On the other hand, Binance, the world’s largest exchange, has recorded the largest 24-hour BTC outflows of over 5,858 BTC.
High outflows from centralized exchanges indicate that bitcoin holders are shifting towards self-custody solutions and embracing long-term holding strategies. Bitcoin balances on centralized exchange wallets have been on a decline for a while and are currently around 2.3 million, the lowest level since April 2018.
Additionally, a decrease in bitcoin supply on exchanges shows the absence of selling pressure and hope for higher price movement. This can be attributed to the potential approval of over a dozen spot Bitcoin exchange-traded funds (ETFs) in January, predicted to trigger a major rally in BTC’s price as money flows into the network.
Bitcoin Sees Growth
As the year wraps up and the crypto community looks to 2024 in hope and anticipation, analysts tag 2023 as a great year for bitcoin. The network amassed 51 million addresses in the past 30 days with an average balance of $15,913 and an average holding time of four years and three months.
Around 31% of the circulating BTC supply has not moved in five years. The network saw 16,435 average daily large transactions and 550 daily transactions in the past month, per a tweet from IntoTheBlock.
Meanwhile, crypto investment products saw substantial inflows totaling $103 million in the week ending December 22. Data from CoinShares revealed that bitcoin funds received $87.6 million of the inflows, representing 85% of the total. Crypto products witnessing 12 weekly inflows over the past 13 weeks is a sign of sustained interest from investors.
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