According to data from the on-chain analytics platform CryptoQuant, as of October 27, the net flow of Bitcoin to exchanges has dropped significantly to approximately -12,570 BTC. This figure represents one of the largest daily outflows this month.
Over the past 24 hours, the net outflow of Bitcoin from exchanges has surged to over $1 billion. In net terms, more than $1 billion worth of BTC has been withdrawn from exchanges in the last 24 hours.
CryptoQuant's chart shows that Bitcoin exchange net flow has turned sharply negative to approximately -12,570 BTC (as of October 27). This is also one of the largest daily outflows this month.
At a Bitcoin price of approximately $80,487, the latest net outflow is equivalent to about $1.01 billion.
CryptoQuant’s chart also shows a significant reversal in exchange activity. Just one day ago, the indicator recorded a positive net inflow of over 7,000 BTC, before quickly plunging into deep negative territory.
The decline on October 27 was one of the most significant spikes in Bitcoin exchange outflows since October 6, when nearly 15,000 BTC were withdrawn net from exchanges.
Please note that the latest data may not be final, as the related information is still incomplete, and daily figures may change afterward.
Will an upcoming BTC supply shock occur?
Typically, large-scale Bitcoin outflows from exchanges are viewed as potentially bullish, as this indicates that investors are withdrawing funds from exchanges.
When Bitcoin is withdrawn from an exchange, it may be transferred to a personal wallet, an institutional custodian, or long-term storage.
This may reduce the amount of BTC immediately available for trading on the market, thereby lowering potential selling pressure.
On the other hand, a large inflow of BTC into exchanges often signals increased potential selling pressure, indicating that investors are moving their tokens to exchanges in preparation for possible sales.
This event is particularly noteworthy against the backdrop of Bitcoin's recent weak performance.
According to CryptoQuant’s charts, as of October 27, Bitcoin’s price hovered around $80,487. This flagship cryptocurrency is attempting to regain upward momentum after recently dropping to the psychological threshold of $80,000.