Bitcoin Sees Massive Exchange Exodus, Traders Predict Short-Term Rebound
Bitcoin traders are eyeing a short-term rebound after the cryptocurrency broke the $80,000 mark. According to recent on-chain trends and positive regulatory changes in Russia and other jurisdictions, a potential upward move is brewing.
Over the last three days, centralized exchanges saw massive exits totaling $2.52 billion. Historically, this flow signals improved market sentiment and a halt in liquidations. As assets on these exchanges are easier to sell, holdings with other custodians indicate longer-term support for those coins.
Binance recorded $1.19 billion outflows on September 22, while Coinbase, Kraken, and Bitfinex saw $286 million, $55 million, and $43 million respectively. The next day, Binance's outflow decreased to $178 million, with the total volume declining to $438 million.
Researchers at CryptoQuant note that persistent exchange withdrawals can reduce supply, signaling bulls over months. They highlight that 'the breadth matters' as multiple exchanges showed negative readings across the period, indicating a multi-exchange withdrawal pattern rather than a single-venue event.