Recently, there has been an interesting on-chain movement— a top global asset management firm just completed a significant operation, withdrawing 307 Bitcoins from a major trading platform in a single go, worth over 27.94 million RMB.

What does this imply? When large holders withdraw chips from exchanges, there are usually two possibilities: either risk aversion or long-term accumulation after a positive outlook. Considering various recent market signals, when such operations occur frequently, it often indicates that institutional investors have a clear expectation of the subsequent market trend.

On-chain data shows that similar whale withdrawal activities are continuously increasing, and the liquidity of BTC on exchanges is gradually decreasing. In this situation, the market’s pricing power is gradually shifting to institutions and long-term holders, which may weaken short-term volatility. It is worth noting that this phenomenon has occurred multiple times before major market moves in history.