Bitcoin Exits Exchanges in Record Numbers, ETFs Soar

Bitcoin's recent price movements have been characterized as 'weird' by analysts. Over $2.5 billion in Bitcoin left major exchanges such as Binance, Coinbase, Kraken, and Bitfinex between September 22nd and 24th. The largest outflow occurred on the first day, with Binance losing $1.19 billion.

In contrast to the exodus from exchanges, Bitcoin ETFs saw significant inflows during the same period. A total of $1.25 billion came into these funds over three days, with $714.7 million entering on September 22nd alone. This is a rare occurrence, especially considering the price drop during this time.

The open interest in Bitcoin climbed above $31 billion on September 22nd before falling to around $28.58 billion since then. Funding rates have also slowed down, from highs above 0.01 to about 0.0031 at press time.