Bitcoin Sees Largest Single-Day Outflow from Exchanges Since 2022 Amidst Institutional Activity Speculation

Bitcoin's bullish case is supported by continued onchain activity. On Wednesday, a single-day outflow of over 28,000 BTC worth $1.19 billion left centralized exchanges, the largest since Dec. 14, 2022. This is often interpreted as investors' preference for direct custody or a long-term holding strategy. The overall BTC balance in wallets tied to centralized exchanges has dropped to the lowest since April 2018, potentially leading to price appreciation. Bitcoin is currently trading at $42,700, up 158% on a year-to-date basis.