In the past day, major exchanges have experienced a net outflow of 336.27 BTC. The number is not exaggerated, but the persistence is worth pondering – coins are quietly moving to wallets and cold storage.

It's more interesting to take a closer look: a certain compliant platform has leaked 1071.6 coins, another North American exchange has seen a outflow of 959.21 coins, and another platform has let out 683.5 coins. Institutions are withdrawing funds from all directions. However, there are also reverse operations; a certain leading exchange has instead seen an inflow of 2856.13 coins, ranking first, possibly because someone is arbitraging between different platforms or doing short-term hedging.

Overall, however, the spot supply is still tightening. This continuous withdrawal of coins usually occurs during the accumulation phase of a bull market—everyone takes the opportunity to buy on the dip and lock in their positions. The selling pressure is reduced, which provides structural support for the price. In the long term, this signal is leaning positive.