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On-chain data shows increased Bitcoin outflows from cryptocurrency exchanges, showing potential accumulation. 
According to data provided by IntoTheBlock, centralized crypto exchanges saw a net outflow of over 16,500 Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) — worth over $1.01 billion — in the past seven days. Around 2,200 BTC left these platforms in the past 24 hours alone. 
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 <img loading="lazy" decoding="async" width="1200" height="800" src="https://crypto.news/app/uploads/2024/09/ITB_btc_netflows_undefined_2024-09-03T06_20_07.386Z.png" alt="Over $1b worth of Bitcoin left exchanges in 7 days - 22"> 
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 BTC price and exchange net flows – Sept. 3 | Source: <a href="https://app.intotheblock.com/coin/BTC" target="_blank" rel="">IntoTheBlock</a>
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ITB data shows that most of the net outflows happened on Aug. 27. 
On Aug. 27, Binance, the largest cryptocurrency exchange by trading volume, witnessed a net outflow of 48,000 BTC, per a crypto.news report. The platform <a href="https://crypto.news/binance-saw-3-7b-worth-of-btc-eth-leave-in-30-days/" target="_blank" rel="noreferrer noopener">saw an outflow</a> of over $3.7 billion worth of Bitcoin and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) in 30 days. 
 You might also like: <a href="https://crypto.news/whale-buys-2000-bitcoin-in-4-days-now-holds-490m-in-btc/"> Whale buys 2,000 Bitcoin in 4 days, now holds $490m in BTC </a> 
The increased net outflows show that investors have been accumulating the asset despite <a href="https://crypto.news/bearish-september-brought-155m-in-cryptocurrency-liquidations/" target="_blank" rel="noreferrer noopener">bearish</a> expectations for September. 
Per data from ITB, large Bitcoin wallets, holding at least 0.1% of the circulating supply, saw a net outflow of 1,123 BTC — worth over $66.2 million — over the past two days. 
A crypto.news report on Aug. 29 shows that the Bitcoin reserves on crypto exchanges <a href="https://crypto.news/bitcoin-price-could-rise-as-exchange-reserves-hit-2024-lows/" target="_blank" rel="noreferrer noopener">dropped</a> to 2.38 million BTC, hitting 2024 lows. This movement shows that the accumulation phase might have started. 
When investors move assets to their self-custodial wallets, it’s often a sign of bullish expectations. While September has usually been bearish for the BTC price, data shows that October’s monthly gains over the past 11 years have been impressive. 
Bitcoin had a bearish start to this month but regained 2.1% over the past 24 hours. BTC is trading at $58,900 with a market cap of $1.16 trillion at the time of writing. The asset’s daily trading volume is currently hovering at the $25 billion mark. 
 Read more: <a href="https://crypto.news/bitcoin-may-find-54k-support-during-bearish-september-qcp/"> Bitcoin may find $54k support during bearish September: QCP </a>

Over $1b worth of Bitcoin left exchanges in 7 days

crypto.news

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