Custody shuffle continues as 87,464 more Bitcoin leaves institution-tagged wallets in 24 hours
Over 87,000 BTC left institution-tagged wallets, but most was internal reshuffling, not actual selling pressure.Summary
Timechain Index founder Sani reported that 87,464 BTC flowed out of institution-tagged wallets between November 21 and 22, marking the largest outflow since June. However, Sani clarified that this figure largely reflects internal reshuffling, such as institutions moving coins between custodians for risk diversification, rather than outright selling. For instance, MicroStrategy accounted for 49,907 BTC of the outflow, though CEO Michael Saylor confirmed the company bought more Bitcoin that week, suggesting the movement was for custody diversification, similar to past actions by BlackRock and Coinbase. The actual selling pressure came primarily from Bitcoin ETFs, which saw outflows of 10,426 BTC on November 21, corresponding to redemptions processed the previous day. After accounting for these internal transfers and standard ETF mechanics, net institutional holdings remained stable, indicating routine custody operations rather than a coordinated retreat from Bitcoin.
(Source：CryptoSlate)