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Bitcoin is leaving cryptocurrency exchanges at a rapid pace, but futures markets still are not showing a buying advantage, according to CryptoQuant analyst Axel Adler Jr.
In a blog post, Adler said average daily net BTC outflows from exchanges over the past seven days stood at 16,100 BTC as of Sept. 27, the highest level since early October 2025. At the same time, the 30-day average of a positioning index tracking the balance between buying and selling in perpetual futures has remained in negative territory for six straight days since Sept. 23. Adler said a recovery in the index above zero while exchange net outflows continue could strengthen a bullish signal. On the other hand, Adler said selling pressure could intensify if exchange flows shift to net inflows while the index remains negative.