Recently, on-chain data has been quite interesting. Over the past 24 hours, Bitcoin has experienced a net outflow of 700 BTC, amounting to over 65 million USD in movement, with Kraken exchange's withdrawal volume clearly leading other platforms. This signal warrants a closer look.

First of all, a withdrawal of 700 BTC is not typical retail behavior. Such a scale of operation is usually driven by institutions or large holders. The key question is—where are these coins going?

According to on-chain tracking data, over 90% of the BTC has been transferred to cold wallet addresses, meaning long-term storage, rather than moving to other exchanges. This detail is very important. When large holders withdraw coins from exchanges to store in cold wallets, it often reflects a hoarding mentality—they are not in a hurry to sell, but rather accumulating.

Why did Kraken become the main platform for these withdrawals? The platform has a good reputation in the industry, with relatively strong compliance and security measures, attracting many institutional users and large investors. These users have significant holdings, and if they are hoarding, the outflow data will be particularly noticeable.

Interestingly, this pattern has appeared before in history. A few months before the 2020 bull market started, exchanges also experienced continuous net outflows. At that time, BTC was flowing out of exchanges significantly, followed by a rise from the tens of thousands to $60,000. The current data features are somewhat similar; although we cannot draw a direct equivalence, it is a market signal worth paying attention to.