Bitcoin Price Eyes Rebound as $2.52 Billion Exits Centralized Exchanges

Bitcoin's price slipped below $87,400 but its on-chain trends and regulatory developments point to a potential rebound. Over the past three days, centralized exchanges saw massive outflows totaling $2.52 billion, which traders consider an indicator of improved market sentiment.

The largest exit occurred on Binance, with $1.19 billion withdrawn on September 22, followed by $286 million from Coinbase and $55 million from Kraken. The next day, Binance saw a lower outflow of $178 million, while the total volume declined to $438 million.

Researchers at CryptoQuant note that these persistent exchange withdrawals can reduce supply, signaling bullish trends in months to come. They emphasize that the breadth of this move is significant, as multiple exchanges showed negative readings across the period.

Institutional investors are expected to remain consistent over the next few weeks for Bitcoin's price to rally above $90k. Currently, spot Bitcoin ETF volumes have consistently shown bullish sentiment driven by steady inflows, with $2.8 billion invested in six days and year-to-date net flows reaching $787 million.