A bully? This hasn’t happened to Bitcoin (BTC) in over a year.

Centralized crypto exchanges have seen the largest one-day flow of bitcoins (BTC) in over a year.

According to data from blockchain intelligence platform Glassnode, more than 28,000 BTC worth around $1.19 billion left centralized trading platforms on December 27.

The biggest one-day flow of the year

In the year The number of bitcoins that have left centralized exchanges since December 14, 2022 has not been shown. The largest American crypto exchange, Coinbase, alone saw the withdrawal of 18,000 BTC, approximately $774 million, according to the data of the on-chain analysis platform CryptoQuant. .

Coinbase has seen the highest flow compared to other exchanges, with more than 31,400 BTC leaving the trading system in the last 30 days, according to data from CoinGlass. On the other hand, the world's largest exchange Binance recorded the highest 24-hour BTC inflow of over 5,858 BTC.

High flows from centralized exchanges indicate that bitcoin holders are moving to self-sustaining solutions and adopting long-term holding strategies. Bitcoin balances on centralized exchange wallets have been declining for some time and are currently around 2.3 million, the lowest level since April 2018.

Additionally, a decrease in Bitcoin supply on exchanges indicates the absence of selling pressure and the prospect of higher price movement. This could lead to the adoption of more than a dozen Bitcoin exchange-traded funds (ETFs) in January, predicting a massive rally in the price of BTC as money flows into the network.

Bitcoin sees growth

As the year comes to an end and the crypto community looks forward to 2024 with hope and anticipation, analysts are naming 2023 as a big year for Bitcoin. The network collected 51 million addresses in the last 30 days, with an average of $15,913 and an average stay of four years and three months.

About 31% of circulating BTC supply has not moved in five years. The network saw 16,435 average large transactions and 550 daily transactions last month, IntoTheBlock tweeted.

Meanwhile, crypto investment products saw a record high of $103 million in revenue at the end of December 22. Data from CoinShares shows that Bitcoin funds received $87.6 million in revenue, accounting for 85% of the total. The fact that Crypto products have seen 12 weekly gains in the last 13 weeks is a sign of continued interest from investors.