Bitcoin [BTC] is moving. However, for lack of a better term, it is doing so… weirdly.
BTCs are leaving exchanges and ETFs are, somehow, green in tandem. This is not how this usually goes.
$2.5B in Bitcoin headed for the exit!
From 22nd to 24th September — across Binance, Coinbase, Kraken and Bitfinex — there were $2.52 billion in net outflows.
During this time period, the first day saw the lion’s share. Binance let go of $1.19 billion, and with Coinbase, Kraken and Bitfinex added in, the number came up to $1.57 billion.
The other two days were somewhat tame: $438 million and $511 million.
The magnitude is important to note here, with multiple exchanges. So, it wasn’t an isolated event.
All this, while $1.25B came into ETFs…
Clearly, the grass was green elsewhere.
On 22nd September, ETFs saw inflows of $714.7 million according to SoSoValue. Then, it fell to $346.9 million on the 23rd and $190.6 million on the 24th.
That’s a solid $1.25 billion over three days.
Yes, the inflows got smaller each day. However, they stayed positive the whole time, even while BTC dipped on the price charts. Total net assets across these funds were at $108.92 billion at press time too.
In a week where the price dropped, something like this is a rare occurence.
Market sleeps with one eye open
Open Interest climbed above $31 billion on 22nd September, before falling the next day. This happened right as BTC’s price dipped to 85K on the charts.
In fact, it’s been at $28.58 billion since.
Funding rates have also slowed down, from highs above 0.01 on 21st September to about 0.0031 at press time.
As far as pace goes, BTC’s RSI was at 43.69 at press time; that’s just a little below the neutral mark. The MACD was above its Signal line, but they were both still under zero.
A move back towards $86K is possible. However, if $83K gives way, that will change quickly.
Final Summary
- Over $2.5 billion in Bitcoin left major exchanges recently.
- Bitcoin ETFs added $1.25 billion over the same three days.
