February 5 saw a significant withdrawal of funds from centralized crypto exchanges - over 17,000 BTC valued at $1.6 billion, marking the largest single-day outflow since April 2024.
Bitcoin Withdrawals from Exchanges
Exchanges, including Coinbase, came under focus due to significant market outflows. Data from Glassnode indicates this was the largest Bitcoin withdrawal in recent months.
Analysis by Coinbase Data
Coinbase emerged as the primary participant in these transactions, processing over 15,000 BTC. According to Timechainindex.com, the exchange split four large addresses into 60 smaller ones, likely preparing for major purchases, possibly by ETFs or MicroStrategy.
General Market Trends
Reports from CryptoQuant highlight a total negative netflow of 47,000 BTC across all exchanges for the day, indicative of potential long-term holding strategies. Such movements are typical for large investors moving assets to personal custody.
Large-scale Bitcoin outflows from exchanges often signal long-term holding intentions. However, it's important to consider that internal movements by exchanges can also impact market metrics.
