In the past two days, the market has been fluctuating between $69,000 and $70,000, but on-chain data tells the truth: in the past 48 hours, the holdings of non-exchange wallets with $BTC are surging.

24-hour balance change: The chart shows a total decrease of -1,182.37 BTC at the top. This confirms that funds are flowing from exchanges to external (non-exchange) wallets.

Note the right side, with a 7-day change of +7,072.04 and 30 days of +16,937.02. This means that the supply from exchanges has actually been increasing over the past month (which usually corresponds to the selling pressure wave from early February when it dropped from $95,000 to $60,000).

However, the data turned negative (decrease) in the past 24 hours, indicating that as Bitcoin stabilizes and fluctuates in the $69,000 - $70,000 range, selling pressure has exhausted, and the whales are starting to re-enter the “accumulation” phase.