After BTC withdrawal channels resumed, new developments have emerged on-chain.

The latest data from Coinglass is worth a look: in the past 24 hours, centralized exchanges saw a net outflow of 8,830.51 BTC.

This is a significant amount, clearly showing that funds are moving on-chain.

**Who is driving the outflow?**

One leading platform saw an outflow of 6,294.74 BTC, making up the majority.
A compliant exchange had an outflow of 1,221.66 BTC, ranking second.
Another major exchange saw 1,023.75 BTC leave as well.

**What about inflows?**

Bitfinex, on the other hand, received an inflow of 1,123.51 BTC—possibly institutions rebalancing, or market makers redistributing liquidity.

But the overall trend is clear: the vast majority of coins have left exchanges and entered self-custody or are circulating on-chain.

**What does this mean?**

Before and after major market moves, these “exchange → on-chain” migrations often occur. This usually indicates two possibilities:

Either large funds are repositioning;
Or the market is entering a wait-and-see period, waiting for the next opportunity.

Keep watching on-chain address movements to get a clearer picture of where the money is going. 👀