According to a report by CoinDesk, blockchain analytics company Glassnode’s data shows that over 28,000 bitcoins (BTC) worth approximately $1.19 billion flowed out of centralized exchanges on Wednesday (27th) this week. This marks the largest single-day outflow in terms of BTC since December 14, 2022.
Net outflows from exchanges are typically seen as investors intending to directly custody cryptocurrencies or indicating a preference for a long-term holding strategy.
Among the 12 bitcoin spot ETFs filed in the United States, 9 designate Coinbase as the bitcoin custodian. Data from analytics firm CryptoQuant shows that Coinbase alone saw an outflow of over 18,000 bitcoins, leading the community to speculate on institutional activity ahead of potential approval of the ETFs in early January.
The total balance of BTC in wallets associated with centralized exchanges has dropped to 2,327,025 BTC, the lowest level since April 2018. With the coin quantity decreasing in exchanges under unchanged conditions, the reduced supply pressure and potential price increase are implied.