Bitcoin exchange outflows mimic 2023 as whales buy retail ‘panic’

Bitcoin exchanges are not seeing a rush to sell in 2025, data shows; in fact, users appear to behave like the bull market is beginning.

Key points:

Bitcoin exchange 100-day average netflows are at their most negative since the start of the current bull market in 2023.

Exchange balances continue to plumb new multiyear lows.

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