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.