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Bitcoin saw $2.52 billion in net exchange outflows from 22 to 24 September across Binance, Coinbase, Kraken and Bitfinex, while spot ETFs drew $1.25 billion in inflows.
Bitcoin moved unusually between 22 and 24 September, as large amounts of BTC left major exchanges while spot exchange-traded funds, or ETFs, kept attracting money. Across Binance, Coinbase, Kraken and Bitfinex, net outflows totaled $2.52 billion over the three days, even as ETF inflows stayed positive and BTC dipped on price charts.
The pattern stood out because exchange outflows and ETF inflows usually do not run in tandem in this way. The outflows were spread across multiple venues, suggesting a broad shift rather than a single platform event.
Bitcoin Exchange Outflows Reach $2.52 Billion
Data covering 22 to 24 September showed $2.52 billion in net outflows across Binance, Coinbase, Kraken and Bitfinex. The first day carried most of the activity, with Binance accounting for $1.19 billion. Including Coinbase, Kraken and Bitfinex, the first-day total reached $1.57 billion.
The spread across several exchanges is important because it indicates the movement was not isolated to one venue. Net outflows of this size can reflect coins being moved into custody, trading desks or other wallets rather than immediately sold.
Bitcoin price action during the period was weak, with BTC dipping to 85K on the charts. That combination of falling prices and coins leaving exchanges is one reason market observers described the move as unusual.
Spot Bitcoin ETFs Draw $1.25 Billion
On 22 September, ETFs recorded inflows of $714.7 million. Over the three days from 22 to 24 September, the funds pulled in a total of $1.25 billion.
The daily inflows became smaller as the period progressed, but they remained positive throughout, even as BTC weakened on price charts. Total net assets across these funds stood at $108.92 billion at press time.
The steady ETF demand contrasted with the exchange withdrawals. It also meant that two parts of the market that often move in opposite directions were both showing signs of demand at the same time.
Open Interest and Funding Rates Cool Off
Open Interest climbed above $31 billion on 22 September before falling the next day. The decline came as BTC’s price dipped to 85K, a move that likely pushed some leveraged positions out of the market.
Funding rates also slowed, dropping from highs above 0.01 on 21 September to about 0.0031 at press time. Lower funding rates can indicate that traders are less willing to pay a premium to hold long positions.
Together, the Open Interest pullback and softer funding rates suggest the market was not leaning as heavily toward leveraged bullish bets by the end of the period. Even so, the ETF inflows and large exchange outflows left the broader picture mixed.
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