Bitcoin exchange outflows are seeing significant patterns reminiscent of early 2023. Recent data indicates that users are behaving as if a bull market is starting, with exchange net flows reaching their most negative state since the beginning of the last bull run. This suggests that outflows from exchanges are surpassing inflows, indicating heightened demand for Bitcoin among investors. In April, larger entities, or whales, have been notably active buyers, accumulating Bitcoin even as smaller retail investors exhibit panic selling behavior. Reports show that whales holding between 1,000 to 10,000 BTC have been consistently accumulating since March. Furthermore, wallets with at least 10 BTC now control approximately 67.77% of Bitcoin’s total supply, showcasing the commitment of significant stakeholders during periods of volatility. The overall Bitcoin reserves on exchanges have dropped by over 7% since the beginning of the year, reflecting a trend of accumulation rather than selling, which may indicate confidence among larger investors despite retail market fluctuations.

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