Bitcoin outflows reach two-year low as whales buy $54B in April

Bitcoin (CRYPTO:BTC) exchange data shows a pattern similar to early 2023 with significant outflows and whale accumulation, indicating a potential reaccumulation phase in the market.

According to onchain analytics platform CryptoQuant, the 100-day simple moving average (SMA) of Bitcoin exchange net flows recently hit its most negative level in two years.

“This essentially indicates the highest Bitcoin outflow from exchanges since that date,” CryptoOnChain noted in an April 23 blog post.

Negative net flows mean more Bitcoin is leaving exchanges than entering, suggesting increased demand from investors holding rather than selling.

Exchange reserves have dropped to approximately 2.535 million BTC in early April, down over 7% from 2.740 million BTC at the start of 2025, marking multiyear lows.

Crypto analyst Miles Deutscher highlighted on social media that whales holding between 1,000 and 10,000 BTC have been accumulating heavily since March, even as prices declined.

“Every time prices drop, whales accumulate into retail panic selling,” Deutscher said, describing how larger holders buy when smaller retail investors sell out of fear.

Research firm Santiment reported that wallets holding between 10 and 10,000 BTC now control 67.77% of the total Bitcoin supply.

Santiment added that these key stakeholders have accumulated over 53,600 BTC since March 22 during recent market volatility.

This trend suggests a divergence between retail and institutional investor behavior, with whales capitalising on price dips while smaller investors reduce holdings.

The data points to a growing concentration of Bitcoin in larger wallets and a potential foundation for future price support as exchange liquidity tightens.

According to CryptoQuant and market observers, these flows resemble the conditions seen at the start of the 2023 bull market, raising questions about Bitcoin’s near-term trajectory.

At the time of reporting, the Bitcoin (BTC) price was $93,792.77.