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Bitcoin’s net outflow from exchanges resumed, pointing to a possible improvement in supply and demand conditions, although a neutral view is still warranted for now, CryptoQuant contributor CoinNiel said.
Citing data from Oct. 27, local time, CoinNiel said 12,702 BTC posted a net outflow from major exchanges, reversing from a net inflow of 7,278 BTC a day earlier. Over the past seven and 30 days, cumulative net outflows totaled 4,633 BTC and 4,048 BTC, respectively, although four of the past seven days still showed net inflows. Funding rates stood at 0.00762%, above the seven-day average of 0.00637%, while open interest rose 0.56% over the past week to $25.6 billion. Bitcoin LTH SOPR, a measure of short-term profit and loss for long-term holders, fell from 1.1657 to 1.0124, moving closer to break-even.
CoinNiel said whether exchange net outflows continue will be key, adding that continued outflows could be seen as a positive signal if funding rates and open interest do not rise sharply.