Bitcoins <\/p>\n
Updated Feb 6, 2025, 3:40\u202fp.m. UTC<\/span>Published Feb 6, 2025, 10:24\u202fa.m. UTC<\/span><\/p>\n<\/div>\n On Wednesday, centralized exchanges registered a net outflow of over 17,000 BTC, worth more than $1.6 billion at the going market price of $98,600, according to Glassnode data shared by Andrew Dragosch, head of research Bitwise. <\/p>\n That’s the biggest single-day exodus of coins since April 2024. <\/p>\n “Whales are buying this dip,” Dragosch said on X<\/a>, referring to the large outflow of coins. Investors typically take direct custody of coins when planning to hold them for the long term. Hence, a large outflow of exchanges is taken to represent bullish sentiment. <\/p>\n Note that blockchain data, though widely used to assess market conditions, can be skewed by internal wallet transfers by exchanges.<\/p>\n Coinbase alone processed net withdrawals of over 15,000 BTC, per Dragosch. Analysis by Timechainindex.com<\/a> shows Coinbase on Wednesday split four addresses totaling over 20K BTC into 60 addresses, which hints at a possible major purchases by ETFs or MicroStrategy this week. <\/p>\n “We have very high certainty that it is a cold wallet,” Glassnode told CoinDesk.<\/p>\n