{"id":58742,"date":"2025-12-09T13:39:43","date_gmt":"2025-12-09T13:39:43","guid":{"rendered":"https:\/\/thecryptocurrencypost.net\/es\/?p=58742"},"modified":"2025-12-09T13:39:46","modified_gmt":"2025-12-09T13:39:46","slug":"santiment-403000-btc-salen-de-exchanges-estrechando-la-liquidez-spot-de-bitcoin","status":"publish","type":"post","link":"https:\/\/thecryptocurrencypost.net\/es\/santiment-403000-btc-salen-de-exchanges-estrechando-la-liquidez-spot-de-bitcoin\/","title":{"rendered":"Santiment: 403.000 BTC salen de exchanges, estrechando la liquidez spot de Bitcoin"},"content":{"rendered":"<p><strong>Santiment informa que aproximadamente 403.000 BTC han salido de los exchanges centralizados desde finales de 2024<\/strong>, lo que equivale a alrededor del <strong>2.09% del suministro total de Bitcoin<\/strong>. Esta tendencia refleja un <strong>movimiento hacia la autocustodia y el almacenamiento en fr\u00edo institucional<\/strong>, reduciendo de inmediato el conjunto de Bitcoin disponible para negociar.<\/p>\n<p><!--more--><\/p>\n<p>La inteligencia de mercado identifica dos flujos paralelos que est\u00e1n eliminando liquidez de los exchanges. <strong>Los ETFs spot de <a href=\"https:\/\/x.com\/santimentfeed\/status\/1998111858419478563\/photo\/1\" target=\"_blank\" rel=\"noopener noreferrer\">Bitcoin<\/a> en EE. UU. han acumulado alrededor de 1.5 millones de BTC<\/strong>, mientras que <strong>las empresas p\u00fablicas y otras tesorer\u00edas institucionales ahora poseen m\u00e1s de 1 mill\u00f3n de BTC<\/strong> en conjunto. En conjunto, estos tenedores institucionales <strong>controlan aproximadamente el 11% del suministro de 21 millones<\/strong>, colocando cantidades significativas en custodia a largo plazo y fuera del comercio activo.<\/p>\n<p>Esta redistribuci\u00f3n reduce el inventario en circulaci\u00f3n en las plataformas donde se ejecutan las operaciones, generando un <strong>estrechamiento emergente de la oferta<\/strong>: menos <a href=\"https:\/\/thecryptocurrencypost.net\/es\/noticias-criptomonedas\/noticias-bitcoin\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a> disponible de forma inmediata para satisfacer \u00f3rdenes spot y operaciones en bloque. El fen\u00f3meno refuerza una preferencia por la custodia a largo plazo resumida por el adagio cripto <strong>\u201csi no son tus llaves, no son tus monedas\u201d<\/strong>, que captura el mayor enfoque de los inversores en el control y el riesgo de contraparte.<\/p>\n<h2>Flujos de ETF y liquidez del mercado e indicadores on\u2011chain<\/h2>\n<p>La v\u00eda institucional no es uniformemente unidireccional. <strong>Los veh\u00edculos ETF spot en ocasiones han registrado reembolsos considerables<\/strong>, creando una paradoja en la que la acumulaci\u00f3n subyacente coexiste con salidas de efectivo de los envoltorios de fondos. Las cifras recientes incluyen <strong>una salida de ETF en un d\u00eda de $1 billion<\/strong>, salidas semanales cercanas a <strong>$1.208 billion<\/strong> y salidas netas mensuales de aproximadamente <strong>$3.7 billion<\/strong>; <strong>una salida de un solo d\u00eda de $523 million afect\u00f3 a un ETF importante gestionado por BlackRock<\/strong>.<\/p>\n<p>Estas din\u00e1micas sugieren <strong>reajustes t\u00e1cticos, toma de beneficios o cambios entre estructuras de fondos<\/strong> m\u00e1s que una p\u00e9rdida de convicci\u00f3n masiva. Para los participantes del mercado, la consecuencia pr\u00e1ctica es que <strong>los ETFs sirven como un conducto cr\u00edtico de liquidez<\/strong> incluso mientras, de forma intermitente, descargan capital. Para los grandes compradores, <strong>obtener cantidades significativas de BTC sin mover el mercado se ha vuelto m\u00e1s caro<\/strong>, ampliando los spreads de ejecuci\u00f3n y aumentando el riesgo de deslizamiento.<\/p>\n<p>Los m\u00e9tricos on\u2011chain apuntan a <strong>acumulaci\u00f3n m\u00e1s que capitulaci\u00f3n<\/strong>. La relaci\u00f3n <strong>Valor de Mercado a Valor Realizado (MVRV)<\/strong>, un indicador que compara el valor de mercado actual con el coste promedio de adquisici\u00f3n, se\u00f1ala una fase de acumulaci\u00f3n en curso. <strong>Las direcciones clasificadas como ballenas aumentaron sus tenencias en alrededor de 83.105 BTC<\/strong>, y <strong>las transferencias por encima de 100 BTC han aumentado en frecuencia<\/strong>.<\/p>\n<p><strong>La retirada de aproximadamente 403.000 BTC de los exchanges marca un estrechamiento estructural de la liquidez spot impulsado por la autocustodia y las soluciones de custodia institucional<\/strong>. Ese estrechamiento eleva los costes de ejecuci\u00f3n para operaciones grandes y acent\u00faa la sensibilidad del precio frente a la nueva demanda.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Santiment informa que aproximadamente 403.000 BTC han salido de los exchanges centralizados desde finales de 2024, lo que equivale a alrededor del 2.09% del suministro total de Bitcoin. Esta tendencia refleja un movimiento hacia la autocustodia y el almacenamiento en fr\u00edo institucional, reduciendo de inmediato el conjunto de Bitcoin disponible para negociar.<\/p>\n","protected":false},"author":35,"featured_media":58741,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,259],"tags":[124,148,1537],"class_list":["post-58742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-editors-picks","category-mercado","tag-bitcoin","tag-btc","tag-santiment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Santiment: 403.000 BTC salen de exchanges, estrechando la liquidez spot de Bitcoin The CryptoCurrency Post ESP<\/title>\n<meta name=\"description\" content=\"Santiment informa que aproximadamente 403.000 BTC han salido de los exchanges centralizados desde 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