**[Bitcoin Continues to Flow Out of Exchanges, ETFs Keep Buying, Net Inflow of $1.25 Billion Over Three Days]** Golden Finance reported on September 26, citing AMBCrypto, that between September 22 and 24, Bitcoin experienced a net outflow of approximately $2.52 billion across four major exchanges—Binance, Coinbase, Kraken, and Bitfinex. On September 22 alone, $1.57 billion flowed out, with Binance accounting for $1.19 billion. During the same period, spot Bitcoin ETFs continued to see net inflows: $714.7 million on September 22, $346.9 million on September 23, and $190.6 million on September 24, totaling approximately $1.25 billion over three days. The total net assets of ETFs reached $108.92 billion. The report pointed out that the reason ETFs continue to buy lies in their passive subscription and redemption mechanism—after investors subscribe, the fund must purchase Bitcoin in the market and transfer it to cold storage wallets for custody. Therefore, a simultaneous decrease in exchange balances and ETF net inflows can occur. Exchange outflows may also include custody relocations and internal wallet adjustments, which do not equate to tokens permanently leaving the market. For the entire week (September 21 to 25), U.S. spot Bitcoin ETFs saw a net inflow of $2.39 billion, with all five trading days recording positive inflows.