CEX Bitcoin net outflow over the past 24 hours was 5,740 coins, with Coinbase Pro accounting for 5,457 coins.

Meanwhile, long-term holders' positions have risen to a new high of 15.26 million coins.
Putting these two sets of data together reveals signals that are more worth pondering than just looking at the price.
Large outflows from Coinbase are usually understood as U.S. institutions transferring coins to self-custody.
Combined with the continuous increase in LTH holdings, it indicates that the current price range (around 78k) is experiencing a transfer of chips from exchanges to accounts that are "not planning to sell."
But the other side of the coin is: funding rates have turned negative across the board, and bullish sentiment is weak.
This means that the entities absorbing these outflows are not leveraged longs, but rather more medium- to long-term allocation funds.
This structure—spot accumulation, futures pessimism—often appears during the transition from high-leverage speculation to spot accumulation.
If ETF funds do not continue to flow out significantly, support at the 78k level will become more solid.
The risk is: if macro pressures (U.S. Treasury yields, IPO withdrawals) persist, the capacity of allocation funds to absorb these outflows may also be exhausted.
At that point, the pessimistic sentiment in the futures market could accelerate the decline.
This is not about chasing longs or bottom-fishing now, but about judging whether the fund structure is truly changing hands.
$btc #lth #DeFi #etf #On-chain Data