24,073 BTC flowed out of exchanges in the largest daily withdrawal in seven months, with spot Bitcoin ETF inflows rebounding to $119M.
Macro & Markets ·
A net outflow of 24,073 Bitcoin from exchanges on Monday marked the largest single-day withdrawal in seven months, according to on-chain analytics tracked by Santiment. The proportion of Bitcoin held on exchange wallets has compressed to 6.50% of circulating supply. Observers view such large removals as potentially constructive, since coins withdrawn from exchanges are generally unavailable for immediate sale, and sustained outflows may reflect investors shifting holdings toward longer-term storage rather than preparing to liquidate.
Supporting signals emerged in mid-size exchange inflows. On Binance, the 7-day average of medium-sized deposits declined over 36% between August and early October, falling from 4,155 to 2,648 BTC, despite Bitcoin's price climbing more than 33% over the same window. Coinbase Prime experienced a similar 15% drop in comparable inflows. Lower inflow rates typically suggest reduced selling urgency among mid-size market participants.
Institutional spot Bitcoin ETF flows reversed course mid-week. After suffering nearly $90 million in net outflows Monday, the funds recovered with $119 million inflows on Tuesday, with BlackRock's IBIT drawing $122 million and Morgan Stanley's MSBT capturing $7.84 million. Grayscale's Bitcoin Mini Trust recorded the largest single outflow at around $11 million.