Bitcoin’s surge above the $60,000 mark has sparked an increase in outflows from centralized exchanges as investors anticipate further bullish momentum. Data from IntoTheBlock reveals that Bitcoin experienced $1.29 billion in net outflows from CEXs over the past week. This movement indicates a growing accumulation of the flagship cryptocurrency, as most on-chain signals appear bullish.
The majority of the outflows, totaling around 12,420 BTC, occurred on September 10 when the asset’s price struggled to stay above $57,000. Notably, the ratio of large holders’ net flow to exchange net flow indicates that Bitcoin holders began taking profits on September 13 as the price reached $60,000 after dropping to a local low of $52,600. On the same day, Bitcoin saw a significant outflow of 9,180 BTC by whales, causing the price to dip below $60,000.
Despite the selloff by whales, a report by crypto.news reveals that MicroStrategy purchased 18,300 BTC for approximately $1.11 billion. However, the trend quickly shifted back to accumulation on September 14, with the ratio reaching 0.43%, according to IntoTheBlock. Large holders’ net flows turned positive, with 3,240 BTC in net inflows on the following day.
Currently, Bitcoin has gained 0.2% in the past 24 hours and is trading at $60,100. Its market capitalization stands at $1.86 trillion. However, the daily trading volume of BTC has decreased by 57%, reaching $13.7 billion.
As Bitcoin consolidates near the psychological $60,000 zone, it is expected that price volatility will decrease. However, if the price falls below $59,000, there could be a surge in liquidations, potentially leading to another downward trend.