Over $1 billion worth of Bitcoin has been withdrawn from cryptocurrency exchanges in the past seven days, signaling a potential accumulation phase among investors. According to data from IntoTheBlock, a net outflow of over 16,500 Bitcoin—valued at more than $1.01 billion—occurred during this period. Notably, around 2,200 BTC were moved off exchanges in the last 24 hours alone.

Major Bitcoin Movement on August 27

The most significant outflow happened on August 27, when Binance, the world’s largest cryptocurrency exchange by trading volume, recorded a net outflow of 48,000 BTC. This massive movement, alongside Ethereum withdrawals, led to an outflow of over $3.7 billion from the platform in just 30 days.

Despite the typically bearish trends in September, the increased net outflows suggest that investors are accumulating Bitcoin. Data indicates that large Bitcoin wallets, holding at least 0.1% of the total circulating supply, experienced a net outflow of 1,123 BTC—worth over $66.2 million—over the past two days.

Bitcoin Reserves Hit 2024 Lows

As of August 29, Bitcoin reserves on exchanges dropped to 2.38 million BTC, the lowest level in 2024. This decline indicates that the accumulation phase may have begun, with investors moving their assets to self-custodial wallets, often a sign of bullish expectations.

Despite a bearish start to September, Bitcoin managed to regain 2.1% over the past 24 hours. At the time of writing, BTC is trading at $58,900, with a market capitalization of $1.16 trillion. The daily trading volume currently stands at approximately $25 billion.

Looking Ahead: October’s Track Record

Historically, October has been a strong month for Bitcoin, with impressive gains recorded over the past 11 years. While September has been challenging, the recent accumulation trend suggests that investors are optimistic about the months ahead.