The major exchanges in the United States are primarily experiencing net outflows of BTC, while other exchanges are seeing net inflows. Among them, Coinbase, Kraken, and Gemini are some of the sources where ETF market makers (Authorized Participants, or APs) purchase BTC. The net outflows of BTC from Coinbase and Gemini may indicate that APs are buying BTC and withdrawing it for the purpose of creating new ETF shares in the future. On the other hand, the net inflows of BTC into other exchanges might suggest that on-chain holders are planning to sell their BTC. Overall, across these 20 exchanges, BTC has seen net outflows over the past 30 days. However, in the past week and over the last 24 hours, BTC on exchanges has shown net inflows.
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