"Bitcoin, 5 consecutive weeks of net outflows from exchanges... Driven by ETF demand"
Minseung Kang
Summary
- It was reported that Bitcoin (BTC) has seen net outflows from exchanges for five consecutive weeks.
- It was stated that $920 million worth of Bitcoin has exited major exchanges in one week.
- Centora analyzed that this phenomenon reflects an increase in spot ETF demand and the influence of institutional investors.
Bitcoin (BTC) has recorded five consecutive weeks of net outflows from exchanges.
On the 4th (local time), the digital asset analytics platform Centora (formerly IntoTheBlock) announced via X (formerly Twitter) that "$920 million (about ₩1,254 billion) worth of Bitcoin left major exchanges during the past week." This is mainly interpreted as being caused by capital moving into spot Exchange Traded Funds (ETFs).
Centora analyzed, "Recently, Bitcoin's holdings on exchanges continue to decline. This is coupled with an increasing demand for spot ETFs driven by institutional investors."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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