On Wednesday, February 5, centralized exchanges registered a net outflow of over 17,000 BTC, worth more than $1.6 billion at the current market price of $98,600, according to Glassnode data shared by Bitwise’s Head of Research, Andrew Dragosch.
This marks the largest single-day Bitcoin withdrawal from exchanges since April 2024, a sign that large investors (“whales”) may be accumulating BTC for long-term holding.
Coinbase at the Center of Major Withdrawals
Coinbase alone processed net withdrawals exceeding 15,000 BTC.
Timechainindex.com data suggests that Coinbase split four large BTC addresses totaling over 20,000 BTC into 60 smaller addresses, which analysts speculate could indicate major purchases by Bitcoin ETFs or MicroStrategy.
On-chain data from CryptoQuant also revealed that all exchanges combined saw a net outflow of 47,000 BTC, further reinforcing the bullish sentiment.
What Does This Mean for Bitcoin?
Large Bitcoin outflows from exchanges are generally seen as bullish, as investors typically withdraw BTC for long-term holding in private wallets.
The timing of this outflow aligns with institutional interest in Bitcoin ETFs, suggesting that investment firms are continuing to accumulate BTC.
MicroStrategy, a company known for aggressive Bitcoin accumulation, has been linked to similar bulk transactions in the past.
Standard Chartered Predicts Bitcoin to Reach $500K by 2028
Amid the growing institutional accumulation, Standard Chartered’s Head of Digital Asset Research, Geoffrey Kendrick, has released a bold prediction:
- Bitcoin could reach $200,000 by the end of 2025.
- By 2028, BTC could hit $500,000, coinciding with the end of Donald Trump’s second presidential term.
Key Drivers for Bitcoin’s Long-Term Growth
Bitcoin ETF Adoption
- Bitcoin ETFs have attracted over $39 billion in net inflows since approval.
- Increased accessibility for institutional investors is fueling long-term demand.
Declining Market Volatility
As ETFs mature, BTC price fluctuations could stabilize, encouraging more institutional adoption.
US Regulatory Developments
The repeal of SAB 121 and Trump’s executive order on a US digital asset stockpile could drive Bitcoin adoption among central banks.
Price Outlook for the Coming Years
According to Kendrick’s forecast, Bitcoin’s trajectory could follow this timeline:
- $200,000 by 2025
- $300,000 by 2026
- $400,000 by 2027
- $500,000 by 2028
With institutional accumulation at record levels, Bitcoin’s long-term growth narrative remains strong, even as short-term volatility continues.
