An interesting contrasting phenomenon has emerged in the market. On one side, retail investors are selling off, while on the other side, the Bitcoin reserves on exchanges are continuously depleting. Bitcoin prices have stabilized around $97,500, with a large amount of capital flowing from scattered holders into cold wallets—this is a typical sign of wealth transfer. More notably, the spot holdings on exchanges have dropped to 1.18 million coins, hitting a new low in 7 months. What does this mean? It indicates that those with real influence are quietly accumulating. The psychological barrier of $100,000 is also exerting a magnetic pull. The next move of the market may already be written in these on-chain data.