According to CryptoQuant, Aug. 27 is currently on track to seal the third-largest net exchange outflow of 2024. The current total net outflow is just under 45,000 BTC, putting the day behind July 5 and July 16, which saw net outflows of around 52,000 BTC and 68,500 BTC, respectively.

Large negative netflows generally indicate a bullish sentiment, as they usually suggest that investors are transferring their Bitcoin off exchanges to potentially hold for the long term, thereby potentially reducing selling pressure in the market.