More than 28,000 BTC were withdrawn from CEX on Wednesday, marking the highest single-day outflow in terms of BTC since December 14th, 2022

According to data tracked by blockchain analysis company Glassnode, on Wednesday (December 27th), over 28,000 BTC worth $1.19 billion left centralized exchanges, marking the largest single-day outflow in terms of BTC since December 14th, 2022.

According to data from analytics firm CryptoQuant, Coinbase, listed on Nasdaq, is the custodian for nine out of twelve proposed spot BTC exchange-traded funds (ETFs) in the United States. Only on Wednesday did this company see an outflow of over 18,000 BTC. This has led the cryptocurrency community to speculate whether institutional on-chain activity is related to Bitcoin spot ETFs. Previously reported was that the total balance of BTC in wallets associated with centralized exchanges had dropped to its lowest level since April 2018 at 2,327,025 BTC.