Bitcoin exchange outflows have increased ahead of crucial macroeconomic events. Santiment discovered that 14,942 BTC had left online trading platforms.
The analytics firm said it was the largest daily net outflow in five weeks.
Encouraging signal
The move comes ahead of the Federal Reserve’s decision on Wednesday and GDP and PCE data on Thursday. Feeling explain Holders removing Bitcoin from exchanges could indicate less immediate selling pressure. However, the latest data also highlights September’s capital outflows.
On September 22, 17,755 BTC left exchanges. Bitcoin soared above $86,600 shortly after this release. The latter figure is lower, but both moves involve large quantities of coins leaving exchanges.
Santiment said $80,000 is the key level to watch during upcoming volatility. Holding above could favor a rebound towards $82,500 to $84,000. On the other hand, a decisive decline below around $79,000 would weaken the bullish setup, while reclaiming $82,500 after the data release would offer stronger confirmation.
Meanwhile, crypto analyst Sykodelic believes that Bitcoin could be gearing up for another major rally after reclaiming two key weekly indicators: the 50-week simple moving average and the Supertrend. According to Sykodelic, this pattern has appeared several times in the crypto asset’s history, including in 2015, 2019, 2020, and 2023. Each time, Bitcoin saw major expansion. The analyst also found that the asset never fell below the price where it returned to both levels.
Double press
Institutional demand for Bitcoin appears weak again. US-listed spot BTC ETFs saw outflows of $4.5 billion in June before attracting a total of $6.2 billion in August and September. Despite brief inflows, October turned negative, with these funds seeing more than $26 million in net outflows so far.
On the corporate side, MARA Holdings gained attention after transferring 1,000 BTC worth around $80.19 million to BitGo in a single transaction earlier this week. The move has sparked speculation that the Bitcoin mining company may be preparing to sell its stakes. On-chain tracker Lookonchain reported the move, while Hupzy warned that such a large move could add selling pressure to the market. However, the transfer alone does not confirm a sale.
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