Recently, BTC spot liquidity data has been quite interesting. On one side, there is continuous spot outflow, with coins transferring from exchanges outward, yet the price has not collapsed; instead, it has remained relatively stable.

This situation is actually a positive signal in history. When supply leaves the market, it usually indicates a change in holdings—weak hands are selling at low prices out of fear, but the buying side is also strong. Who is absorbing? Mostly well-funded institutions quietly positioning themselves.

This is not a bearish combination; rather, it reveals a constructive power dynamic. Retail investors panic sell, institutions calmly absorb, and the price maintains resilience amid this tug-of-war. Sometimes, market logic is that simple—tight supply + stable demand = upward momentum. It’s worth continuing to observe subsequent on-chain data performance.