Bitcoin Exchanges See $2.52 Billion in Combined Outflows as ETFs Gain
Combined exchange outflows peaked at $1.57 billion on Sept. 22, while Bitcoin ETF inflows totaled about $1.25 billion through Sept. 24.
Bitcoin (BTC) recorded $2.52 billion in combined net outflows across Binance, Coinbase, Kraken and Bitfinex from Sept. 22-24, while Bitcoin ETF inflows stayed positive as prices weakened.
The exchange outflows were concentrated on Sept. 22, when the four platforms recorded a combined $1.57 billion in outflows. Binance accounted for $1.19 billion of that total. Combined outflows then reached $438 million on Sept. 23 and $511 million on Sept. 24.
Bitcoin ETFs recorded $714.7 million in inflows on Sept. 22, followed by $346.9 million on Sept. 23 and $190.6 million on Sept. 24. The three-day total was about $1.25 billion, while aggregate net assets across the funds stood at $108.92 billion.
The flows coincided with Bitcoin outflows from exchanges and a decline in the asset’s price. Bitcoin fell to about $85,000 during the period, while earlier positive ETF flows had already pointed to continued activity in the U.S. fund market.
Open interest rose above $31 billion on Sept. 22 before declining the following day as Bitcoin fell. It was later measured at $28.58 billion at the time of the market update.
Funding rates also eased from highs above 0.01 on Sept. 21 to about 0.0031. Bitcoin’s relative strength index stood at 43.69, below the neutral level, while the moving average convergence-divergence indicator remained above its signal line with both measures below zero.
