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Bitcoin holdings on exchanges fell by about 35,800 BTC to 1.325 million between Sept. 20 and 27, according to on-chain analytics firm Santiment.
Santiment added that about 20,000 BTC had flowed into exchanges between Sept. 13 and 20, leaving net outflows of roughly 15,900 BTC over the past two weeks. The firm said last week’s decline was concentrated on a specific date, with about 26,700 BTC leaving exchanges on Sept. 22 alone, around double the typical weekday outflow at the time. Given the scale of the movement, Santiment said the drop in exchange holdings was unlikely to be a simple accounting change, although exchanges may have moved BTC to internal wallets that are not being tracked.