Bitcoin sees largest exchange net outflow in seven months

Bitcoin is experiencing significant shifts in liquidity and market positioning. On-chain data from Santiment indicates that Bitcoin saw its largest daily exchange net outflow in seven months, with 24,073 BTC—valued at approximately $2.05 billion—moving off exchanges. This has reduced exchange-held supply to roughly 6.50% of the total supply, a move often interpreted as a bullish signal due to reduced immediate selling pressure.

In the derivatives market, Bitcoin options open interest reached $36.69 billion, a 0.72% increase. While call options represent 60.98% of open interest, suggesting a mid-term bullish bias, high put option trading volume suggests investors are also hedging against short-term volatility.

Capital flows across the broader crypto market have been mixed. While Bitcoin has seen substantial net outflows in recent periods—including a reported $246 million net outflow in a 24-hour window—Ethereum and USDT have shown net inflows. Regional trading activity has also shifted, with Asian trading volumes increasing by approximately 408% while US volumes decreased by 61% during recent sessions.