$BTC
Bitcoin exchange outflows mimic those of 2023 as whales buy the retail 'panic'
Bitcoin exchanges are not seeing a wave of sales in 2025, according to data; in fact, users are acting as if the bull market is just beginning.
Key points:
The 100-day average of net flows on the Bitcoin exchange is at its most negative level since the start of the current bull market in 2023.
Balances on exchanges continue to reach new multi-year lows.
Whales are being particularly active buyers this month, while retail shows classic “panic selling.”
Bitcoin exchanges
$BTC 93.068
evoke the end of the cryptocurrency bear market of 2022, as user inflows have decreased this year.
Data from the on-chain analytics platform CryptoQuant reveals that average net flows on exchanges have reached two-year records.