Good morning, while sipping my coffee, my eyes wandered a bit to #onchain data. I saw something I had experienced before, so I wanted to share it. 👀

It seems that the outflow of #BTC from centralized exchanges continues unabated. 👇

According to CoinGlass data, the total #Bitcoin balance on exchanges has decreased from approximately 2.8 million $BTC to around 2.2 million BTC over the past year.

In short, investors are withdrawing their #Bitcoins from exchanges and moving them to cold wallets.

📌 Do you know why this caught my attention? Because it’s a typical scenario we see before every bull cycle.

The Inflow/Outflow chart clearly supports this scenario.

The green bars representing outflows dominate over the red bars representing inflows. Although there are significant inflow spikes in between, the overall trend is clearly towards exchange outflows.

When we look at past bull cycles, we have seen the same movement repeatedly.

BTC outflows from exchanges are increasing, selling pressure is decreasing, and liquidity scarcity is pushing the price up. The data set we have today tells the same story.

📌 So the market is telling us this: Bitcoin is being collected not to be sold, but to be held.

Of course, these are just my own comments based on the data presented to us. It is not investment advice.