Over a billion dollars in BTC streamed out in one day

A record outflow of more than 28,000 BTC worth $1.19 billion from centralized exchanges supports Bitcoin's positive trend. The net outflow from exchanges indicates a long-term investment strategy - also known as hodling - by investors.

On December 27 (red line at the end) more than 28,000 BTC left centralized exchanges I Source: Glassnode

Coinbase, custodian for nine of the 12 proposed BTC spot ETFs in the U.S., saw an outflow of more than 18,000 BTC on Wednesday alone, according to analyst firm CryptoQuant. This leads to speculation on social media about institutional activity leading up to the expected ETF launch early January.

The total amount of Bitcoin in wallets of centralized exchanges fell to 2.3 million BTC, the lowest level since April 2018. By comparison, in March 2020, it was still more than 25 percent higher at 3.2 million BTC. A sign that supply is tightening.