📊Over 30,000 $BTC —worth more than $3.2 billion—have been withdrawn from centralized exchanges in the past month, according to Santiment. These outflows, led by large wallets holding between 1,000 and 10,000 BTC, mark the strongest accumulation trend since the pre-ETF breakout in late 2023.

The most intense movements were recorded on May 8 and May 22, coinciding with sharp intraday drops below $66,000. This suggests strategic absorption of selling pressure, with whales buying the dip while retail flows stagnate. Despite weaker inflows to BlackRock and Fidelity’s ETFs, long-term holders are tightening supply on liquid markets.

This withdrawal pattern historically precedes major rallies. Each time whales moved 30K+ BTC off exchanges—July 2020, February 2021, October 2023—Bitcoin followed with a multi-week uptrend. This doesn’t guarantee repetition, but the structural signal is too strong to ignore.

Meanwhile, total exchange balances are at their lowest since Q3 2018. Combined with miner reserve declines and stagnating spot liquidity, the setup leans bullish—especially if macro uncertainty triggers safe-haven demand.

The key question: are whales positioning for a breakout into Q3, or front-running volatility ahead of ETF rebalancing, Mt. Gox repayments, and macro risks?

What’s your take—strategic conviction or defensive rotation?#AMAGE