On Wednesday, centralized exchanges recorded a net expulsion of over 17,000 BTC, worth more than $ 1.6 billion at the ongoing market price of $ 98,600, according to Glassnode data shared by Andrew Dragosch, head of research Bitwise.

It is the largest single-day emigration of coins since April 2024.

“Whales buy this dip,” Dragosch said at X, referring to the great outflow of coins. Investors typically take direct custody of coins when planning to keep them long term. Therefore, a large outflow of exchanges is taken to represent Bullish atmosphere.

Note that blockchain data, although widely used to assess market conditions, may be skewed by internal wallet transfers in exchanges.

Coinbase alone dealt with net withdrawals of over 15,000 BTC per year. Dragosch. Analysis of TimeChinindex.com shows Coinbase on Wednesday split four addresses of a total of over 20k BTC in 60 addresses suggesting a possible larger purchase of ETFS or Microstratey this week.

On-Kain data prepared by Cryptoquant shows that all crypto exchanges had a cumulative negative net flow of 47K BTC on Wednesday, with 15.8K of which is attributed to coinbase.

Bitcoin fell under $ 96,800 during Wednesday’s late US trade hours only to turn higher early today, after Eric Trump, son of President Donald Trump, encouraged the family-bound crypto-platform World Liberty Financial to do his first Bitcoin investing .