Bitcoin Exits Exchanges in Record Amounts, ETFs Keep Buying

Bitcoin's recent movement has been described as 'weird' by some market observers. The cryptocurrency is leaving exchanges, but ETFs are still buying in.

A total of $2.5 billion in Bitcoin left major exchanges such as Binance, Coinbase, Kraken, and Bitfinex between September 22nd and 24th. This was led by a massive $1.19 billion outflow from Binance on the first day, with other exchanges also experiencing significant outflows.

However, despite this exodus of Bitcoin from exchanges, ETFs are still seeing inflows. Between September 22nd and 24th, ETFs added a total of $1.25 billion to their coffers, with daily inflows ranging from $714.7 million to $190.6 million.

According to Cryptoquant, the magnitude of the outflows is significant, with multiple exchanges affected. This is unusual behavior for Bitcoin, which often sees prices drop when it leaves exchanges in large numbers.