@orasbon
Large BTC holders moving coins from exchanges to cold wallets often reflects long-term conviction. But in 2025, sharp spikes in cold storage migrations sometimes signal fear, as whales exit liquid venues. Context matters: if movements coincide with price drawdowns, it may reflect defensive positioning. If during consolidation, it often means accumulation. The narrative is shifting: cold wallet flows are no longer purely bullish but must be read alongside funding and ETF flows. Whale cold storage activity remains a valuable but nuanced sentiment signal for interpreting market psychology.
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