Bitcoin Sees Highest Exchange Outflows in 2 Years—Bullish Signal for Price?
Bitcoin just flashed its strongest accumulation signal since 2023 as exchange reserves plummet. Institutional custody solutions and spot ETF issuers are vacuuming up supply while retail traders sleep.
When coins leave exchanges, they’re not for sale—and scarcity precedes fireworks. The last time outflows hit these levels, BTC rallied 300% in 12 months.
Wall Street analysts whisper about six-figure targets, but crypto veterans know the drill: markets move when supply gets tight. With the halving dust settled and miners capitulating, the stage is set for a textbook supply shock.
Just don’t tell the SEC—they’re still trying to define ’digital asset’ while the train leaves the station.
Bitcoin Exchange Outflows Reach February 2023 Levels
According to the on-chain data tracking platform CryptoQuant, more BTC has been flowing out of exchanges at levels that have not been seen in two years. This data was taken on a 100-day moving average basis and shows netflows are down significantly from not only 2025 and 2024, but dating as far back as 2023.
CryptoQuant’s data shows that Bitcoin net flows from all exchanges have crashed by more than 50% in the last year. Currently, it is sitting so low that the last time it was this low was back in January 2023, when the crypto market was just coming out of the impact of the FTX crypto exchange collapse.
When net flows are this low, it suggests that Bitcoin investors are choosing to accumulate rather than sell. It points to withdrawals from exchanges into private storage, with investors holding onto their BTC in anticipation of higher prices before they begin to sell.
“This essentially indicates the highest Bitcoin outflow from exchanges since that date,” CryptoQuant explained in the post. “A review of historical patterns suggests that this could imply re-accumulation of assets by investors.”
BTC Whales Are Turning Bullish Again
The recent Bitcoin price rise seems to be driven by bulls who had taken the reduced price to accumulate large amounts of BTC in a very short time. Santiment reported on this development, showing how the 11% Bitcoin price rise could have been driven by the buying activities of these large investors.
The post shows that investors holding between 10 and 10,000 BTC had gone on a buying spree in the last week. In total, they added 19,255 more BTC to their balances in only seven days. This shows that whales had realized how undervalued the BTC price was and had seized the opportunity to secure profits quickly.
At the time of writing, the Bitcoin price was trending around $94,578, showing strong staying power from the bulls.
