Bitcoin Exchange Outflows Fail to Lift Demand as Coinbase Premium Stays Negative
- —Coinbase Premium Index stayed negative all September: -0.0205% mid-month and -0.02% on September 21
- —Exchanges saw $2.52 billion in net BTC outflows from September 22 to 24, the largest single outflow since 2023
- —A further 18,195 BTC left exchanges from September 24 to 30, yet buying pressure did not recover
- —US spot Bitcoin ETFs recorded $148.69 million in net outflows on September 30
Why it matters: Without the Coinbase premium turning positive, shrinking exchange supply alone is unlikely to drive a sustained rally, while rising futures leverage adds downside risk.
Source: Blockmedia