{"id":11663,"date":"2025-02-06T10:31:51","date_gmt":"2025-02-06T10:31:51","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=11663"},"modified":"2025-02-06T10:31:51","modified_gmt":"2025-02-06T10:31:51","slug":"bitcoin-worth-1-6b-leave-exchanges-in-biggest-bullish-outflow-since-april-research-analyst","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=11663","title":{"rendered":"Bitcoin Worth $1.6B Leave Exchanges in Biggest Bullish Outflow Since April: Research Analyst"},"content":{"rendered":"
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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

On-chain data compiled by CryptoQuant<\/a> shows that all crypto exchanges had a cumulative negative netflow of 47K BTC on Wednesday, with 15.8K of that being attributed to Coinbase.<\/p>\n

Bitcoin fell below $96,800 during Wednesday’s late U.S. trading hours only to turn higher early today after Eric Trump, the Son of President Donald Trump, encouraged the family-linked crypto platform World Liberty Financial to make its first bitcoin investment. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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. That’s the biggest single-day exodus of coins since April 2024. “Whales are buying this dip,” Dragosch said on X, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-11663","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11663"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11663\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}