Roughly 12,570 BTC left exchanges on a net basis on October 27, one of the largest daily outflows this month, according to CryptoQuant data. The move reversed a net inflow of over 7,000 BTC a day earlier, though the figure may still change.
Bitcoin exchanges lost roughly 12,570 BTC on a net basis as of October 27, according to CryptoQuant. The outflow is among the top daily outflows this month and fuels speculation about a potential supply shock.
At a BTC price of around $80,487, the net outflow equals around $1.01 billion. The data is still incomplete, so the daily number may change.
Netflow flips from inflow to deep outflow
Exchange activity reversed sharply. A day earlier, CryptoQuant's chart showed a positive net flow of over 7,000 BTC before the metric moved into negative territory.
The October 27 drop is one of the biggest outflow spikes since October 6, when almost 15,000 BTC left exchanges on a net basis.
Why outflows can matter for supply
Mass exchange outflows are generally seen as potentially bullish, because investors are withdrawing funds from trading platforms. Withdrawn Bitcoin may go to private wallets, institutional custodians, or long-term storage, which may reduce the immediately accessible supply for trading and the potential for selling pressure.
Inflows work the other way. Large inflows of BTC to exchanges often signal a potential spike in selling pressure, since investors may be sending coins to trading platforms for a sell-off.
The outflow arrives amid Bitcoin's recent weak performance. Bitcoin was hovering around $80,487 as of October 27, and it is trying to recover its momentum after a recent drop to the psychological level of $80,000.
Source: U.Today
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