According to 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 BTC since December 14th, 2022.

According to analysis company CryptoQuant, Coinbase, which is listed on Nasdaq, is the custodian of nine out of the twelve proposed spot BTC exchange-traded funds (ETFs) in the United States. Only on Wednesday, the company saw outflows 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, the total balance of BTC in wallets associated with centralized exchanges has dropped to 2,327,025 BTC, the lowest level since April 2018.