Bitcoin Sees Largest Exchange Outflow in Months Amid Run at $28K, But There’s a Catch

Bitcoin experienced its largest single-day outflow of over 10,000 BTC from exchanges since September 7, according to on-chain analytics firm Santiment. The movement of coins off exchanges comes as Bitcoin makes a second attempt at reclaiming the $28,000 price level.

Source: Santiment – Start using it today

Santiment noted that the substantial transfer of BTC away from trading platforms signals accumulating sentiment among investors. When coins are moved to private wallets rather than kept on exchanges, it typically means holders plan to hold for the long term rather than actively trade.

The outflow coincides with Bitcoin trading around $27,500 on Oct. 13 and pushing back toward the key $28,000 resistance point after several failed tests in recent weeks. Breaking above this level could pave the way for BTC to challenge wider overhead resistance levels.

However, Santiment pointed out that Bitcoin’s unique addresses recently fell to 6-week lows, raising some concerns around underlying utility and activity. The network will need to see sustained usage growth to support significant upside price momentum.

On-chain analysts weigh exchange reserves and dormancy as key indicators of investor intent. The latest BTC outflow data affirms broad confidence in Bitcoin’s long-term prospects, with holders undeterred by recent rangebound price action.

But network utilization metrics remain an important factor to watch. Bitcoin’s ability to reclaim key technical levels will likely require both committed hodlers and an expanding base of active users.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency