Bitcoin Outflow Hits 4,199.85 BTC in 24 Hours as Investors Seek Self-Custody

In the past 24 hours, centralized exchanges (CEX) experienced a significant net outflow of 4,199.85 BTC. This substantial movement of Bitcoin from exchanges to external wallets or other storage solutions indicates a shift in investor behavior. The top three exchanges contributing to this outflow were Binance, with 2,333.17 BTC leaving the platform, bitFlyer, which saw 715.33 BTC exit, and Bitfinex, where 418.39 BTC was transferred out. These figures highlight the magnitude of the outflow and the specific exchanges involved.

This net outflow suggests that a considerable number of investors are choosing to move their Bitcoin holdings off exchanges. This behavior could be driven by various factors, including a desire for greater security, a preference for self-custody, or anticipation of future market movements. The decision to transfer Bitcoin off exchanges often reflects a long-term holding strategy, as investors seek to safeguard their assets from potential exchange-related risks.

Conversely, Gemini saw an inflow of 92.13 BTC, making it the top exchange in terms of Bitcoin inflows. This inflow indicates that some investors are still depositing their Bitcoin on exchanges, possibly for trading purposes or to take advantage of exchange-based services. The contrast between the significant outflows from Binance, bitFlyer, and Bitfinex and the inflow at Gemini underscores the diverse strategies employed by Bitcoin investors.

The net outflow of 4,199.85 BTC from centralized exchanges in the past 24 hours is a notable event in the cryptocurrency market. It reflects a trend where investors are increasingly opting for self-custody solutions, potentially driven by security concerns or long-term investment strategies. The specific exchanges involved in this outflow, along with the inflow at Gemini, provide insights into the varying behaviors and preferences of Bitcoin holders. This movement highlights the dynamic nature of the cryptocurrency market and the evolving strategies of its participants.