Bitcoin Exchange Outflows Slow to 1,500 BTC a Day as Futures Near Balance

Bitcoin (BTC) outflows from exchanges slowed to about 1,500 BTC a day over 30 days, while a futures positioning gauge rose above zero, suggesting long and short positions were closer to balance. Analyst Axel Adler Jr. tied the slowdown mainly to a large Sept. 22 withdrawal falling out of the 30-day calculation, rather than to a broad return of BTC to exchanges. The netflow measure remained below zero, meaning the supply available for immediate sale on exchanges was still declining. The futures gauge’s 30-day average rose to 0.3 from -0.5 a week earlier. It reached 7.6 in late August and stayed mostly below zero from late September. Daily readings ranged from -20.5 to 29 over the past week, showing activity without a sustained direction, Adler said.

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