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Despite the market dip in recent months, a total of 31,130 bitcoin left Coinbase last week, which is the highest weekly outflow since 2017 according to Glassnode. While retail traders aren't currently buying, exchange outflows show large institutional players are.
In addition, the amount of Bitcoin held on exchanges has dropped to 2,519,403 BTC, the lowest since 2018. The low supply held on exchanges means hodlers are in control of a majority of the supply, which also means sell-side pressure is drying up.
Big institutions are stackin' sats. Are you?
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