Recently, there has been a significant change in Bitcoin holdings across exchanges—over the past few days, data from major platforms shows that funds are primarily flowing out.

As of 5:34 PM on the 16th, the total Bitcoin holdings across mainstream exchanges are approximately 2.46 million coins. The net outflow for the day was 1,543 coins, and over the past week, a total of 23,290 coins have been withdrawn. This month, the total outflow has reached 28,791 coins. In simple terms, holders are moving their coins off the exchanges.

The specific situation varies among different platforms. A leading compliant platform currently manages the largest amount of Bitcoin, about 792,189 coins, but they also experienced a daily outflow of 912.59 coins, with a weekly outflow of 5,270.83 coins. Another major exchange holds 637,466 coins, with the highest weekly outflow of 9,780.79 coins and a daily outflow of 1,313.42 coins. An older platform is managing 408,133 coins, with a weekly outflow of 2,856.41 coins.

Interestingly, although the overall trend is outflow, not all platforms are losing coins. One exchange experienced a slight net inflow of 1,313 coins for the day, another platform saw an inflow of 833 coins, and even one exchange had an inflow of 89 coins. In comparison, a certain derivatives platform experienced the largest daily net outflow, reaching 1,137 coins.

What does this wave of net outflows indicate? What are market participants doing? The data speaks for itself.