Bitcoin continues its quiet exodus from centralized exchanges, even though its price shows no significant upward movement. In early June, around 22,500 BTC were withdrawn in just one day — a strong signal that large holders are moving assets into private wallets instead of preparing them for sale.

Despite this major outflow, Bitcoin’s price fell to $100,000 within 24 hours, later rebounding to approximately $103,500.

A sign of quiet accumulation?

According to CryptoQuant, this trend suggests strategic accumulation rather than speculative retail activity. The outflows appear to be driven by institutions such as ETF providers, custodians, and OTC desks — actors that operate quietly, unlike the retail-driven market noise.

Historically, declining exchange reserves have preceded major price surges — though often with a delay. The data currently suggests accumulation, not distribution. As CryptoQuant puts it: “There’s no need to panic. Trust in Bitcoin remains strong, and this might just be a setup phase for the next upward move.”

A volatile summer ahead?

Matrixport warns that growing macroeconomic uncertainty could weigh on Bitcoin in the coming months. Although ETF inflows remain strong, US economic indicators are weakening. The ISM Non-Manufacturing Index has dropped to its lowest level since July 2024, and the manufacturing sector is also under pressure.

Additional risks include Trump’s tariff policies and the Fed’s reluctance to cut rates amid lingering inflation fears. While BTC remains in a bullish trend above $96,719, Matrixport notes that this key support level is now under threat.

If bond yields stagnate and the US dollar remains weak, Bitcoin may enter a sideways trend unless macro conditions stabilize.

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