#比特币价格走势 When I saw this on-chain data, I felt a sense of "a big fish is surfacing."

The exchange's BTC balance has dropped to a historical low of 2.936 million coins. What does this mean? In simple terms, it means that large holders are voting with their actions—they are withdrawing Bitcoin from exchanges and storing it in their own wallets as a long-term reserve. This is not a signal of panic selling; on the contrary, it is a **manifestation of faith**.

Comparing the actions of retail investors: small accounts are depositing coins into exchanges, which often indicates they are seeking an opportunity to offload. Meanwhile, whales with positions worth over a million or even tens of millions of dollars are consistently withdrawing coins on-chain. Look, the two ends of the market are sending completely different signals – smart money is quietly positioning itself, while emotional money is busy chasing highs and panicking during dips.

History is always remarkably similar. The last time the exchange balance dropped to this level was after the FTX collapse in 2022. What happened after that? Bitcoin was reborn from the ashes and welcomed a new cycle.

The rebound from the bottom of $80,000 is still ongoing, and the continuous outflow of chips indicates that the supply side is tightening. In the long run, this is precisely the moment when decentralized assets show the most resilience – when the mechanisms are functioning normally, and believers stand their ground, the story of the future is just beginning to be told.