24,000 BTC Just Ghosted Exchanges, Is Bitcoin’s Supply Squeeze Getting Real? 🦇🌑

Bitcoin held on exchanges dropped a ton lately, according to Santiment. On Monday around 24,073 units left exchanges on a net basis. This marks the biggest daily outflow in seven months.

Spooky Fresh Bullish Vibes Rising 💀

The last similar move happened on March 1. Data from Santiment showed that exchange-held Bitcoin has now fallen to around 6.50% of the total supply. Large outflows often scream positive because fewer coins sit ready for dumping. If demand holds steady tighter supply could push prices higher. The analytics platform added,

“Persistent withdrawals can signal investors shifting BTC toward longer-term custody rather than preparing to sell. Outflows alone guarantee nothing but falling exchange supply strengthens the bullish setup.”

CryptoQuant data adds more bullish flavor. Its analysis showed mid-size Bitcoin inflows fell on some major exchanges even as the crypto asset climbed over 33% since mid-August. On Binance the 7-day average of mid-size inflows fell from 4,155 BTC on August 16 to 2,648 units on October 7 a decline of over 36%. Bitcoin was trading near $63,000 in mid-August and is now above $84,000. This means the drop arrived even as price stayed on the higher side. Coinbase Prime also saw a similar decline with mid-size inflows falling from 1,620 to 1,370 BTC down around 15%. Coinbase Advanced on the other hand moved opposite. Mid-size inflows there rose to 4,760 from 2,520 BTC in August. Yet the latest reading stays below the 5,000 BTC level. Current mid-size inflows on Binance and Coinbase Prime sit well below some bigger spikes earlier this year including those in February June and late August. The trend matters because lower exchange inflows can hint at less selling activity. Mid-size investors do not appear rushing to send coins to exchanges.

ETF Flows Flipping Positive Again 🖤

On the institutional side US spot Bitcoin ETFs saw a quick mood shift this week. After starting Monday with almost $90 million in net outflows the funds bounced back on Tuesday with combined inflows of $119 million. BlackRock’s IBIT led the recovery after pulling in $122 million in fresh money and recording the biggest inflow among the ETFs. Morgan Stanley’s MSBT also attracted $7.84 million in capital. Meanwhile the Grayscale Bitcoin Mini Trust saw the biggest outflow losing around $11 million. This supply crunch feels super sinister in the cutest way fr 👀 🚀 💸 😈 🌙 🔥 ✨ 😎

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Just another echo from the void by iconofsin.eth 💖

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