Bitcoin Worth $1B Leaves Exchanges in Largest Single-Day Outflow in 12 Months

Net outflows from exchanges are often taken to represent investors' intention to hold coins for long-term

Onchain activity continues to support the bullish case in bitcoin.

On Wednesday, just over 28,000 BTC worth $1.19 billion left centralized exchanges, the largest single-day outflow in BTC terms since Dec. 14, 2022, according to data tracked by blockchain analytics firm Glassnode.