Recent on-chain data from the past week is quite interesting. According to Coinglass statistics, looking back from January 10th, major exchanges have net outflows of 6,317 BTC. It seems that many market participants are withdrawing coins. Among them, one exchange leads with a net outflow of 1,858 BTC, Kraken follows closely with 1,716 BTC outflow, and Bitfinex also shows an outflow of 1,711 BTC. These three have the largest movements.

The situation with Ethereum is even more intense. During the same period, exchanges collectively experienced a net outflow of nearly 60,000 ETH. One major exchange saw a large outflow of 85,000 ETH (this number is somewhat exaggerated and should be understood as the main net outflow source for that exchange during this cycle), Bithumb outflow 32,800 ETH, and another exchange outflow 29,700 ETH.

Generally speaking, large withdrawals often indicate that traders are actively accumulating or preparing to take action. Whether this data reflects institutional positioning or retail investors taking profits at a high point remains to be seen, and further market developments should be monitored.