#数字资产市场动态 Bitcoin is experiencing a massive outflow from exchanges.

Recently, this trend has become very clear—retail investors are withdrawing, but whales are actually increasing their holdings. Since March, large holders have accumulated over 136,000 BTC. What does this mean? The true market players are voting with real money.

Bitcoin reserves on exchanges are showing negative growth, which sounds alarming but actually signals a tightening of liquidity. However, this does not mean prices will skyrocket immediately—short-term pressure still exists. Data shows that BTC's recent performance has lagged nearly 50% behind the Nasdaq 100 index, mainly due to short-term risk sentiment decline and liquidity pressure.

But if we look at a longer timeframe, this "on-chain accumulation" phenomenon is quite interesting. The supply is shrinking, large holders are holding, and market confidence in Bitcoin's fundamentals hasn't collapsed—all signs point in the same direction. Short-term volatility is nothing to worry about; what truly matters is the upward long-term trend.