Key points:

Bitcoin exchange 100-day average netflows are at their most negative since the start of the current bull market in 2023.

Exchange balances continue to plumb new multiyear lows.

Whales are particularly active buyers this month, while retail shows classic “panic selling.”

Bitcoin (BTC) exchanges are evoking the end of the 2022 crypto bear market as user inflows dry up this year.

Data from onchain analytics platform CryptoQuant reveals exchanges’ average net flows hitting two-year records.

Bitcoin analysis eyes “reaccumulation of assets”

Bitcoin may be trading significantly higher than at the start of 2023, but demand for BTC among exchange users is reminiscent of the start of a bull market.

CryptoQuant reveals that the 100-day simple moving average (SMA) of exchange net flows recently hit its most negative figure in two years.

“This essentially indicates the highest Bitcoin outflow from exchanges since that date,” contributor CryptoOnChain commented in one of its “Quicktake” blog posts on April 23. 

“A review of historical patterns suggests that this could imply re-accumulation of assets by investors.”Bitcoin exchange netflow 100-day SMA. Source: CryptoQuant

A negative net flow tally indicates outflows from exchange surpassing inflows, reflecting more user demand than a desire to send BTC to exchange accounts for a potential sale.

As Cointelegraph reported, overall exchange BTC balances are at their lowest in many years.

CryptoQuant shows reserves hitting 2.535 million BTC in early April, down over 7% from 2.740 million BTC at the start of the year.

Bitcoin exchange reserve. Source: CryptoQuant

Whales buy while retail exits

Elsewhere, larger Bitcoin entities have added to their portion of the supply throughout April — even as smaller retail investors sell.

Related: Bitcoin ETF inflows top 500 times 2025 average in ‘significant deviation’

“Whales (1k-10k balance) have been accumulating hard since March, even as price slid,” crypto analyst Miles Deutscher noted on X this week alongside CryptoQuant data. 

“Every time prices drop, whales accumulate into retail panic selling.”Bitcoin 1K BTC+ balance data. Source: Miles Deutscher/X

Research firm Santiment drew similar conclusions about entities holding at least 10 BTC, which it referred to as “key stakeholders.”

“Bitcoin’s key stakeholders comprised of wallets holding between 10 & 10K BTC currently hold 67.77% of the entire supply of crypto’s top market cap asset,” an X post reported. 

“During the April volatility, these wallets continue to accumulate, and have now added over 53.6K BTC since March 22nd.”Bitcoin 10 BTC+ balance data. Source: Santiment/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.