Research Analyst: Bitcoin Sees Biggest Bullish Outflow Since April as $1.6B Leaves Exchanges

Institutional Demand Surges as Bitcoin Sees Largest Exchange Outflow Since April

On Wednesday, centralized exchanges witnessed a net outflow of over 17,000 BTC—valued at more than $1.6 billion based on the market price of $98,600—according to Glassnode data shared by Andrew Dragosch, head of research at Bitwise.

This marks the biggest single-day Bitcoin withdrawal from exchanges since April 2024, signaling strong accumulation by large investors. “Whales are buying this dip,” Dragosch noted on X, suggesting that institutional players are moving coins into private custody for long-term holding, a historically bullish indicator.

It’s important to note that while blockchain data provides valuable market insights, large outflows can sometimes be attributed to internal transfers by exchanges.

Coinbase was at the center of the action, processing net withdrawals of over 15,000 BTC, according to Dragosch. Further analysis by Timechainindex.com revealed that the exchange redistributed more than 20,000 BTC across 60 different addresses, hinting at possible acquisitions by Bitcoin ETFs or MicroStrategy.

“We are highly confident that these movements are linked to cold storage,” Glassnode told CoinDesk, reinforcing the likelihood of institutional accumulation.

Data from CryptoQuant further confirmed that all crypto exchanges collectively saw a net negative flow of 47,000 BTC on Wednesday, with Coinbase alone accounting for 15,800 BTC of the total outflow.

Bitcoin briefly dipped below $96,800 late Wednesday during U.S. trading hours before rebounding early Thursday. The recovery followed an announcement from Eric Trump, son of President Donald Trump, who encouraged World Liberty Financial—a crypto platform linked to the Trump family—to make its first Bitcoin investment.