April

Spot

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 <p>In a significant development indicating a potential change in investor sentiment, Bitcoin witnessed its most substantial single-day outflow from exchanges in the past 12 months. This occurrence is amid recent market volatility, prompting speculation regarding various factors, including the expectation of a Bitcoin Spot ETF approval and the impact of the holiday season on investor behavior.</p>
 <h4 class="wp-block-heading" id="h-market-recap">Market Recap</h4>
 <p>Today, <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> prices once again entered negative territory following a noteworthy surge on Dec. 28. The broader digital assets market experienced a week of volatility, raising inquiries about the potential influence of factors such as regulatory expectations and the festive season on market dynamics.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="585" src="https://cdn.thebittimes.com/images/2023/12/30/9f305266c56b3a72c3071c1d1b89f2af.webp" alt="Bitcoin Fees Hit 2022 High Following Ordinals Recent Surge" class="wp-image-118426" srcset="https://cdn.thebittimes.com/images/2023/12/30/9f305266c56b3a72c3071c1d1b89f2af.webp 1024w, https://cdn.thebittimes.com/images/2023/12/30/9f305266c56b3a72c3071c1d1b89f2af.webp 300w, https://cdn.thebittimes.com/images/2023/12/30/9f305266c56b3a72c3071c1d1b89f2af.webp 768w, https://cdn.thebittimes.com/images/2023/12/30/9f305266c56b3a72c3071c1d1b89f2af.webp 1536w, https://cdn.thebittimes.com/images/2023/12/30/9f305266c56b3a72c3071c1d1b89f2af.webp 380w, https://cdn.thebittimes.com/images/2023/12/30/9f305266c56b3a72c3071c1d1b89f2af.webp 550w, https://cdn.thebittimes.com/images/2023/12/30/9f305266c56b3a72c3071c1d1b89f2af.webp 800w, https://cdn.thebittimes.com/images/2023/12/30/9f305266c56b3a72c3071c1d1b89f2af.webp 1160w, https://cdn.thebittimes.com/images/2023/12/30/9f305266c56b3a72c3071c1d1b89f2af.webp 1792w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <h4 class="wp-block-heading" id="h-volatility-and-anticipation-of-bitcoin-spot-etf">Volatility and Anticipation of Bitcoin Spot ETF</h4>
 <p>The recent market fluctuations suggest that investors may be adopting a cautious approach in anticipation of the much-anticipated approval of the Bitcoin Spot ETF, expected as early as January. Uncertainty surrounding regulatory decisions often leads market participants to reassess their positions, contributing to heightened volatility.</p>
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 <p>Some experts also attribute the recent losses to the holiday mood, speculating that both individual investors and institutional whales may be adopting a more reserved approach during this period.</p>
 <h4 class="wp-block-heading" id="h-bitcoin-s-price-changes">Bitcoin’s Price Changes</h4>
 <p>Bitcoin, the leading <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a>, experienced a 1.37% decline, settling at $42,640.80, with a corresponding 11.26% dip in trading volume to $23.06 billion. Over the past seven days, Bitcoin faced a modest 3% decline, while exhibiting a gain of approximately 12% over the last 30 days.</p>
 <p><strong>Also Read: MicroStrategy Now Holds 189,150 Bitcoin (BTC) Worth $8.1 Billion</strong></p>
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 <h4 class="wp-block-heading" id="h-onchain-activity-supports-bullish-trends">Onchain Activity Supports Bullish Trends</h4>
 <p>Despite market changes, on-chain activity continues to bolster a bullish case for Bitcoin. Notably, on Wednesday, over 28,000 BTC valued at $1.19 billion left centralized exchanges, marking the most substantial single-day outflow in Bitcoin terms since Dec. 14, 2022. Such outflows are often interpreted as indications of investors choosing to hold their assets directly or adopting a long-term holding strategy.</p>
 <h4 class="wp-block-heading" id="h-coinbase-outflow-and-etf-speculation">Coinbase Outflow and ETF Speculation</h4>
 <p>Coinbase, a Nasdaq-listed <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchange, and custodian for nine of the 12 proposed spot Bitcoin exchange-traded funds (ETFs) in the U.S. witnessed an outflow of over 18,000 BTC on Dec. 27, according to analytics firm CryptoQuant. This development fueled speculation on the social media platform X about potential institutional activity ahead of the expected ETF launch in early January.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="645" src="https://cdn.thebittimes.com/images/2023/12/30/6b8a5ae607906bcf43578da1e4a62d5b.webp" alt class="wp-image-123126" srcset="https://cdn.thebittimes.com/images/2023/12/30/6b8a5ae607906bcf43578da1e4a62d5b.webp 1024w, https://cdn.thebittimes.com/images/2023/12/30/6b8a5ae607906bcf43578da1e4a62d5b.webp 300w, https://cdn.thebittimes.com/images/2023/12/30/6b8a5ae607906bcf43578da1e4a62d5b.webp 768w, https://cdn.thebittimes.com/images/2023/12/30/6b8a5ae607906bcf43578da1e4a62d5b.webp 1536w, https://cdn.thebittimes.com/images/2023/12/30/6b8a5ae607906bcf43578da1e4a62d5b.webp 380w, https://cdn.thebittimes.com/images/2023/12/30/6b8a5ae607906bcf43578da1e4a62d5b.webp 550w, https://cdn.thebittimes.com/images/2023/12/30/6b8a5ae607906bcf43578da1e4a62d5b.webp 800w, https://cdn.thebittimes.com/images/2023/12/30/6b8a5ae607906bcf43578da1e4a62d5b.webp 1160w, https://cdn.thebittimes.com/images/2023/12/30/6b8a5ae607906bcf43578da1e4a62d5b.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p>Overall, the Bitcoin balance in wallets associated with centralized exchanges has reduced to 2,327,025 BTC, reaching its lowest level since April 2018. A decrease in coins on exchanges is often seen as a sign of diminishing supply-side pressures, indicating the potential for price appreciation.</p>
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 <p><strong>Also Read: Google Shift: AI Trumps Bitcoin and Crypto in User Searches</strong></p>
 <p>The substantial outflow of Bitcoin from exchanges signifies a noteworthy shift in market dynamics, potentially influenced by factors such as regulatory expectations and the holiday season. As the market awaits the potential approval of a Bitcoin Spot ETF and navigates ongoing volatility, the diminished supply on exchanges introduces an intriguing dimension to the evolving narrative surrounding the trajectory of the leading <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a>. Investors and enthusiasts will closely monitor developments, especially considering the pivotal role institutional participation continues to play in shaping the future of the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> landscape.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>bitcoin</li>
  <li>btc</li>
  <li>crypto</li>
  <li>cryptocurrency</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-s-record-exodus-largest-single-day-outflow-in-12-months-tbt75152.html">https://thebittimes.com/bitcoin-s-record-exodus-largest-single-day-outflow-in-12-months-tbt75152.html</a></p>

Bitcoin's Record Exodus: Largest Single-Day Outflow in 12 Months

TheBitTimes

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