Investors moved the highest amount of BTC to exchanges since March, IntoTheBlock noted, signaling profit-taking after bitcoin's first eight-week streak of gains since 2017.
Bitcoin remained steady around $41,000 after Monday's dramatic flush.
Market observers "underappreciate" future inflows from institutional investors to bitcoin, asset 21.co CEO said in a CoinDesk TV interview.
The SEC delaying decision about spot BTC ETFs could leave the market without a catalyst until early January, halting the crypto rally's momentum, K33 analysts said this week.