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Bitcoin ETF wallets run by Fidelity and BlackRock took in fresh coins on the same day large new wallets pulled hundreds of millions of dollars of BTC off an exchange, according to Ambcrypto. The outlet reported that Fidelity’s FBTC wallet received 282.63 BTC, about $23.08 million, from Binance, while BlackRock’s ETF wallets gained 384.77 BTC valued near $31.4 million. The combined transfers came as Bitcoin’s price remained weak.
The report, citing Onchain Lens on X, cautioned that wallet transfers alone do not prove purchases were made, but said the movements drew attention to how institutions are positioning in Bitcoin.
Also read: Bitcoin ETFs Pull In $102M as BTC Flips $85K: What Changed
Key facts
- Fidelity’s FBTC wallet received 282.63 BTC from Binance, worth roughly $23.08 million.
- BlackRock’s ETF wallets received 384.77 BTC, valued at about $31.4 million.
- Since October 1, 40 newly created wallets withdrew 9,458 BTC from Wintermute, totaling about $771.5 million.
- Bitcoin spot netflows were about -$465.55 million on October 22.
- USD-denominated exchange reserves fell 1.35% in 24 hours to roughly $226.33 billion.
Whale wallets and a thinner exchange float
The largest single flow came from wallets that did not exist at the start of the month. Ambcrypto, citing Lookonchain on X, reported that 40 addresses created since October 1 pulled 9,458 BTC from Wintermute, a combined $771.5 million. Because the coins were spread across many new addresses, the outlet said the pattern was consistent with coordinated accumulation, adding that transfers like these often signal coins moving into long-term custody.
Exchange data pointed the same direction. The negative spot netflow on October 22 meant more BTC left trading platforms than arrived. Exchange reserves measured in dollars dropped 1.35% over 24 hours to about $226.33 billion, though the outlet noted that a change in Bitcoin’s price also shifts a dollar-denominated figure. Persistent withdrawals shrink the supply immediately available to sellers if holders keep moving coins off venues.
Also read: Satoshi-Era 100 BTC Moves After 16 Years, Worth $8.3M
Chart holds above $81,000
On the daily chart, buyers defended an order block near $81,000, and BTC traded around $81,764, holding above that area. The Parabolic SAR flipped below price with its dots at $80,001, a shift the report read as improving bullish conditions after the earlier decline. The Money Flow Index sat at 53.74, indicating buying pressure slightly ahead of selling.
Combined, institutional transfers, whale withdrawals and falling exchange balances supported a bullish case as long as the demand zone held, with the outlet pointing to a possible move toward $84,000. That is a scenario, not a settled outcome: this is not financial advice, and crypto markets are volatile and can reverse quickly.
Why it matters
Exchange balances act as the pool of coins that can be sold at short notice. When large holders move BTC into custody wallets, the pool shrinks, and smaller buy orders can move price further. ETF wallet inflows matter for a different reason: they show the largest asset managers still handling Bitcoin even when spot prices fall, which can steady sentiment among retail holders watching the same charts. The sequence is a familiar one in this cycle, with on-chain transfers tracked first and confirmed purchases often surfacing later in fund disclosures.
What to watch
The next tests are whether the $81,000 order block holds on the daily chart and whether spot netflows on CoinGlass stay negative. Follow-up reporting from Onchain Lens and Lookonchain on those wallet addresses will show whether the transfers turn into confirmed custody rather than routine reshuffling.
Reported by ambcrypto.com.
Source: AMBCrypto