204,000 BTC Withdrawn From Exchanges as Long-Term Whales Sit Tight and Retail Sells

Bitcoin is trading above $70,000 while on-chain metrics show exchange balances have dropped by about 204,000 BTC since the start of the year. Analysts note that retail traders are realizing losses, short-term whales sit below an $85,600 cost basis, and long-term holders remain inactive, a mix that could tighten circulating supply.