Santiment Intelligence said roughly $2.4 billion in spot Bitcoin ETF inflows last week helped pull BTC off trading platforms, adding to signs of tighter market supply. Data from the firm showed that between Sept. 20 and Sept. 27, Bitcoin held on exchanges fell by about 35,800 BTC to 1.325 million, with netflow data matching that decline. In the previous week, from Sept. 13 to Sept. 20, exchange balances had risen by nearly 20,000 BTC. Over the two-week period combined, about 15,900 BTC left exchanges, though current exchange supply still remains above every level seen during July. Santiment also highlighted Sept. 22, when exchange BTC supply dropped by about 26,700 in a single day, roughly double the usual daily outflow. The firm said that scale suggests the move was not simply the result of wallet reclassification. According to Santiment, more than half of last week’s decline reversed a move seen in the prior week, with ETF fund flows serving as an important backdrop for the recent changes in BTC supply.
BlockBeats reported on Sept. 29 that Santiment Intelligence said about $2.4 billion in spot Bitcoin ETF inflows last week helped drive BTC off trading platforms, pointing to tighter market supply.
Exchange balances fell by 35,800 BTC over the week
Santiment data showed that from Sept. 20 to Sept. 27, the amount of BTC held on exchanges dropped by about 35,800 BTC to 1.325 million. Netflow data matched the same downward trend.
By comparison, in the prior week from Sept. 13 to Sept. 20, the amount of BTC on exchanges increased by nearly 20,000 BTC. Across the two weeks combined, about 15,900 BTC left exchanges, although current exchange supply still sits above all levels seen during July.
Sept. 22 recorded an outsized one-day decline
Within that period, exchange BTC supply fell by about 26,700 BTC on Sept. 22 alone, roughly twice the normal daily outflow. Santiment said the size of that move suggests the change was not simply caused by address reclassification.
Santiment added that more than half of last week’s decline in exchange BTC supply had already appeared as a reverse move in the previous week. ETF fund flows were described as an important backdrop behind the recent changes in BTC supply.
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