Bitcoin (BTC) fund outflows at exchanges have deteriorated to the most extreme level since the bullish market started in 2023. According to the latest data from on-chain analysis platform CryptoQuant, the net outflow scale based on the 100-day simple moving average has decreased the most in the past two years.
This movement coincides with the trend of exchange holdings continuously hitting multi-year lows. In particular, institutional and whale investors have been consistently accumulating large amounts of Bitcoin over the past few weeks, while small-scale investors are showing clear signs of selling.
An analyst from CryptoOnChain evaluated on the CryptoQuant blog on April 23rd that "this net outflow is the largest since February 2023, and historically can be interpreted as a signal of asset reaccumulation." He added that "the trend of large-scale Bitcoin withdrawals from exchanges typically leads to strengthened buying sentiment and can be a leading indicator of potential further increases."
Currently, Bitcoin's price has risen significantly compared to early 2023, but buying demand among exchange users continues to show patterns similar to the early stages of the bullish market. This demonstrates a strong transfer of ownership and suggests that optimistic sentiment about the future is maintained regardless of short-term downturns.
Meanwhile, as some individual investors driven by fear hastily sell, the strategic accumulation by long-term investors holding assets could further solidify Bitcoin's long-term bullish foundation.
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