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$115,970.00 -0.71649
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$4,539.31 1.16942
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BNB
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$958.48 0.22357
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$240.93 1.26513
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XRP
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$3.05 0.01847
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Shiba Inu
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Bitcoin
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$115,970.00 -0.71649
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Ethereum
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$4,539.31 1.16942
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BNB
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$958.48 0.22357
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Solana
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$240.93 1.26513
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Shiba Inu
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Bonk
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Ethereum
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$4,539.31 1.16942
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BNB
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$958.48 0.22357
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Solana
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$240.93 1.26513
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XRP
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$3.05 0.01847
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Shiba Inu
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$0.0000133 0.49952
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Pepe
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$0.0000112 2.3677
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Bonk
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$0.0000252 4.33749
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dogwifhat
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$0.952498 2.80589
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Popcat
Popcat (POPCAT)
$0.2815 3.458
Popcat price

$1.3b BTC left exchanges, bulls deny losing $60k

Anthony Patrick
Edited by
Markets
$1.3b BTC left exchanges, bulls deny losing $60k

Bitcoin’s surge above the $60,000 zone has triggered an uptick in outflows from centralized exchanges as investors expect further bullish momentum.

According to data provided by IntoTheBlock, Bitcoin (BTC) witnessed $1.29 billion in net outflows from CEXs over the past week. The movement shows increased accumulation as most on-chain signals look bullish for the flagship cryptocurrency.

$1.3b BTC left exchanges, bulls deny losing $60k - 1
BTC CEX net flows – Sept. 15 | Source: IntoTheBlock

Most of the outflows, around 12,420 BTC, came on Sept. 10 when the asset’s price struggled below the $57,000 mark, per ITB data.

Notably, the large holders’ net flow to exchange net flow ratio shows that Bitcoin holders started profit-taking on Sept. 13 as the price reached $60,000 after falling to a local bottom of $52,600. 

Bitcoin witnessed a large holder net outflow of 9,180 BTC on the same day. The on-chain movement shows a massive selloff by whales, sending the asset’s price below $60,000. 

Expect lower price volatility

According to a Friday report by crypto.news, MicroStrategy purchased 18,300 BTC for roughly $1.11 billion despite the whales’ selloff.

However, the trend soon shifted to accumulation again on Saturday, Sept. 14, with the ratio reaching 0.43%, according to ITB.

The large holders’ net flows bounced to the positive zone, with 3,240 BTC in net inflows yesterday.

Bitcoin gained 0.2% in the past 24 hours and is trading at $60,100 at the time of writing. The asset’s market cap is currently sitting at $1.86 trillion. BTC’s daily trading volume, however, decreased by 57%, reaching $13.7 billion.

$1.3b BTC left exchanges, bulls deny losing $60k - 2
BTC price – Sept. 15 | Source: crypto.news

At this point, lower price volatility would be expected for Bitcoin as the price consolidates close to the psychological $60,000 zone. However, a decline below $59,000 could trigger a high amount of liquidations, leading to another potential downfall.