On Wednesday, centralized exchanges registered a net outflow of over 17,000 BTC, worth more than $1.6 billion at the going market price of $98,600, according to Glassnode data shared by Andrew Dragosch, head of research Bitwise.

That’s the biggest single-day exodus of coins since April 2024.

«Whales are buying this dip,» Dragosch said on X, referring to the large outflow of coins. Investors typically take direct custody of coins when planning to hold them for the long term. Hence, a large outflow of exchanges is taken to represent bullish sentiment.

Note that blockchain data, though widely used to assess market conditions, can be skewed by internal wallet transfers by exchanges.

Coinbase alone processed net withdrawals of over 15,000 BTC, per Dragosch. Analysis by Timechainindex.com shows Coinbase on Wednesday split four addresses totaling over 20K BTC into 60 addresses, which hints at a possible major purchases by ETFs or MicroStrategy this week.

On-chain data compiled by CryptoQuant shows that all crypto exchanges had a cumulative negative netflow of 47K BTC on Wednesday, with 15.8K of that being attributed to Coinbase.

Bitcoin fell below $96,800 during Wednesday’s late U.S. trading hours only to turn higher early today after Eric Trump, the Son of President Donald Trump, encouraged the family-linked crypto platform World Liberty Financial to make its first bitcoin investment.