Over 27,740 Bitcoin (BTC) worth $2.4 billion were withdrawn from exchanges on March 25, the highest daily outflow since July 31, 2024. Meanwhile, US spot Bitcoin exchange-traded funds (ETFs) continue their inflow streak, suggesting that institutional demand is making a comeback.
Is the Bitcoin bull run about to resume?
Bitcoin exchange outflows hit 7-month high
Bitcoin is making another attempt at a technical breakout above $90,000 as supply on exchanges continues to decrease.
Bitcoin: Net flow to exchanges. Source: Glassnode
A closer look at the data reveals that a huge chunk of these withdrawals were made by whales, or entities holding at least 1,000 BTC, who withdrew more than 11,574 BTC worth approximately $1 billion from exchanges on March 25.
Bitcoin whale withdrawal from exchanges. Source: Glassnode
High Bitcoin outflows from exchanges and whale withdrawals, in particular, reduce sell pressure, often signaling accumulation and bullish