Bitcoin’s exchange withdrawals have climbed to their highest sustained level since 2022, even as the asset trades near record highs.

While current outflows remain below the 2023 accumulation peak, the renewed withdrawal trend highlights a behavioral shift in how investors gain exposure to Bitcoin.

Institutional demand increasingly flows through spot exchange-traded funds (ETFs) rather than direct purchases, leaving retail holders as the main force behind on-chain accumulation.

Bitcoin netflows at multi-year lows

Data from CryptoQuant shows that the 14-day Simple Moving Average (SMA) of Bitcoin exchange netflows has moved past neutral territory, with 7,500 BTC withdrawn over the past two weeks.

That figure represents a steep decline from the 20,000 BTC weekly outflows recorded during the 2022–2023 accumulation cycle, exacerbated by the FTX collapse. Yet, a higher level than at any time during the 2021 bull run.

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Author: Oluwapelumi Adejumo