Bitcoin drops to $ 69,000

The price of Bitcoin BTC $69,377.96 Mezo Wrapped BTC -2.40% Market capitalization $39.13 million VOL. 24 hours $1.41 billion has dropped to around $ 69,000, but online data from the Binance exchange shows less obvious dynamics. Analysts have recorded a sharp increase in the average amount of BTC withdrawals from the exchange, which indicates that large holders are actively involved in the correction.

According to the data, the 14-day simple moving average of the Binance Exchange Outflow (Mean) indicator has increased significantly in a short time. While on January 28, the average volume of one withdrawal was about 6 BTC, on February 8, it reached about 13.3 BTC — the highest level since November 2024.

The speed and scale of this growth indicate that the activity is not driven by mass retail transactions, but by a limited number of large transactions. Mean Exchange Outflow reflects the average amount of bitcoin withdrawn in a single transaction, and its sharp increase is usually associated with the actions of so-called whales or institutional investors.

The almost twofold increase in less than ten days occurred in parallel with a decline in the price. This combination usually means that large holders are not preparing assets for sale, but rather transferring coins to their own storage, absorbing the supply during the sale.

Massive withdrawals of large volumes of BTC reduce the number of coins in exchange order books and reduce the short-term liquid supply. Although this does not guarantee the formation of a market bottom, the discrepancy between the weak price and online data indicates an increase in accumulation by large players at a time when the market is testing an important psychological level.