Journalist
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Bitcoins [BTC] The price hasn’t kept pace with stock prices, but something important is happening.
More BTC is being withdrawn from exchanges, which often means people plan to hold it rather than sell it. Smaller investors are leaving and large investors are buying.
The market may not be as uncertain as it seems.
BTC leaves the exchanges
The monthly changes in Bitcoin exchange reserves have turned negative, meaning more BTC is being withdrawn than deposited. This trend has remained consistent even amid weak price action.
Source: Alpharactal
When coins leave the exchanges, investors choose to hold rather than trade in the short term. By itself, this does not guarantee a price increase.
Outflows can occur during both bullish and cautious periods. However, when withdrawals continue, they reduce liquid supply and reflect confidence in Bitcoin’s long-term value.
Fewer wallets, more trust
As Bitcoin leaves the exchanges, ownership patterns are also changing. Show santiment data that portfolios holding at least 1 BTC are down 2.2% from their March peak.
Source: Santiment
That seems like a weak belief, but here’s what’s interesting. Larger holders bought and added more than 136,000 BTC in the same period.
Smaller participants are withdrawing and whales are receiving more and more attention. This doesn’t change prices immediately, but it usually shows solid long-term confidence.
Today delay, tomorrow profit
Bitcoin is stuck in a narrow range and the pace appears moderate.
Source: TradingView
This underperformance becomes clearer when you compare it with shares.
According to David Schassler, Head of Multi Asset Solutions, VanEck, Bitcoin has lagged behind the Nasdaq 100 is up almost 50% this year. But that gap could be more important in the future than it is now.
“The current weakness reflects softer risk appetite and temporary liquidity pressures, not a broken position.”
If liquidity improves, Bitcoin could respond better than stocks in 2026.
Final thoughts
- Bitcoin supply is tight as currency balances fall.
- Whales added 136,000 BTC, so despite the boredom at the moment, there is confidence in the long term.