On-chain data shows increased Bitcoin outflows from cryptocurrency exchanges, showing potential accumulation.

According to data provided by IntoTheBlock, centralized crypto exchanges saw a net outflow of over 16,500 Bitcoin (BTC) — worth over $1.01 billion — in the past seven days. Around 2,200 BTC left these platforms in the past 24 hours alone.

ITB data shows that most of the net outflows happened on Aug. 27.

On Aug. 27, Binance, the largest cryptocurrency exchange by trading volume, witnessed a net outflow of 48,000 BTC, per a Coin Insider Daily report. The platform saw an outflow of over $3.7 billion worth of Bitcoin and Ethereum (ETH) in 30 days.

The increased net outflows show that investors have been accumulating the asset despite bearish expectations for September.

Per data from ITB, large Bitcoin wallets, holding at least 0.1% of the circulating supply, saw a net outflow of 1,123 BTC — worth over $66.2 million — over the past two days.

A Coin Insider Daily report on Aug. 29 shows that the Bitcoin reserves on crypto exchanges dropped to 2.38 million BTC, hitting 2024 lows. This movement shows that the accumulation phase might have started.

When investors move assets to their self-custodial wallets, it’s often a sign of bullish expectations. While September has usually been bearish for the BTC price, data shows that October’s monthly gains over the past 11 years have been impressive.

Bitcoin had a bearish start to this month but regained 2.1% over the past 24 hours. BTC is trading at $58,900 with a market cap of $1.16 trillion at the time of writing. The asset’s daily trading volume is currently hovering at the $25 billion mark.