On-chain data reveals a significant increase in Bitcoin withdrawals from cryptocurrency exchanges, suggesting potential accumulation.
According to data from IntoTheBlock, centralized crypto exchanges saw a net outflow of over 16,500 Bitcoin—worth more than $1.01 billion—over the past seven days. In the last 24 hours alone, around 2,200 BTC were withdrawn from these platforms. The majority of these net outflows occurred on August 27.
On that day, Binance, the largest cryptocurrency exchange by trading volume, reported a net outflow of 48,000 BTC, according to a report from crypto.news. Over the past 30 days, the platform experienced withdrawals totaling over $3.7 billion worth of Bitcoin and Ethereum. This surge in net outflows indicates that investors are accumulating Bitcoin despite bearish market expectations for September.
Data from IntoTheBlock also shows that large Bitcoin wallets, which hold at least 0.1% of the circulating supply, saw a net outflow of 1,123 BTC—valued at over $66.2 million—over the last two days.
A report from crypto.news on August 29 noted that Bitcoin reserves on crypto exchanges dropped to 2.38 million BTC, reaching a low for 2024. This movement suggests that the accumulation phase may have begun.
When investors transfer assets to self-custodial wallets, it often signals bullish expectations. Although September has typically been a bearish month for Bitcoin, historical data indicates that October has delivered impressive gains over the past 11 years.
Bitcoin had a rough start to the month but managed to recover 2.1% in the past 24 hours. As of the time of writing, BTC is trading at $58,900, with a market capitalization of $1.16 trillion. The asset’s daily trading volume is currently around $25 billion.
WazirX Hacker Moves $6.5M in Crypto to Tornado Cash
A wallet linked to the WazirX hacker has transferred $6.5 million worth of stolen Ethereum (ETH) to Tornado Cash, just as the exchange begins allowing early withdrawals for its users. This wallet address, associated with the July 18 theft of over $235 million from the Indian crypto exchange WazirX, moved the funds through the sanctioned crypto mixer.
On September 3, blockchain security firm Cyvers reported that the hacker transferred 2,600 ETH—worth approximately $6.5 million at current prices—into Tornado Cash, a platform often used for obfuscating crypto transactions. The transfers were part of an effort to launder the stolen funds.
Data from crypto tracking platform DeBank shows that the wallet initially held $6.7 million but now only has $154,000 remaining. The hacker executed 26 separate transfers of 100 ETH each to Tornado Cash within just one hour on September 2.
This movement coincides with WazirX’s announcement that it would allow users to withdraw up to 66% of their Indian rupee (INR) token balances nearly a week earlier than originally planned. The exchange announced on September 3 that users could start withdrawing the full 66% of their INR balances immediately, advancing the withdrawal window that was initially set for September 9.
Following the $235 million hack, WazirX has been implementing a phased plan to restore its financial operations, which includes resuming INR withdrawals that began on August 26. However, 34% of rupee-denominated balances remain “frozen” due to ongoing investigations with various law enforcement agencies.
In addition to the financial recovery efforts, WazirX is pursuing legal restructuring in Singapore, the chosen jurisdiction for this process, as it continues to navigate the fallout from the massive exploit.
