Bitcoin exchange reserves posted their largest daily outflow in seven months on Monday, with roughly 24,000 BTC moving off exchanges. The withdrawals coincide with Robinhood adding $25 million worth of bitcoin to its balance sheet and bitcoin holding its multi-month bullish range.
Bitcoin exchange reserves dropped by about 24,073 units on a net basis Monday, the largest single-day outflow in seven months, according to data from Santiment. The move pushed exchange-held bitcoin down to around 6.5% of total supply.
Exchange Supply Keeps Thinning
Large withdrawals are often read as a bullish signal because fewer coins remain available to sell. Santiment said persistent withdrawals can signal investors shifting bitcoin toward longer-term custody rather than preparing to sell, though outflows alone guarantee nothing. CryptoQuant data add to the picture: on Binance, the seven-day average of mid-size inflows fell from 4,155 BTC on Aug. 16 to 2,648 BTC on Oct. 7, a drop of more than 36%. Coinbase Prime saw a similar pattern, with mid-size inflows falling from 1,620 to 1,370 BTC, a decline of about 15%.
Price Holds Its Stair-Step Range
Bitcoin fell to about $84,200 on Wednesday, down more than 2% from near $86,500 on Tuesday, but it stayed inside the $83,000-to-$87,000 range it has held since late September.
Vikram Subburaj, CEO of Indian crypto exchange Giottus, said the October 7 decline does not invalidate bitcoin's broader stair-step rise. He added that a sustained break below the $82,000-to-$83,000 support level would signal that September's breakout had failed and bring $80,000 to $81,500 back into play.
Robinhood Adds to Its Bitcoin Treasury
Robinhood added $25 million worth of bitcoin to its balance sheet, senior vice president Johann Kerbrat told The Block. According to Kerbrat: "We care deeply about bitcoin and the ecosystem around it." He noted the purchase is a small move for a company with a market capitalization of roughly $100 billion.
The purchase follows a similar move from Strategy, which said Monday it acquired an additional 334 BTC for about $28.7 million at an average price of $85,838.80 per bitcoin, bringing its total holdings to 848,000 BTC.
Sources: CryptoPotato, CoinDesk, The Block
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