In the past 24 hours, Bitcoin has once again begun a large-scale "exodus" from centralized exchanges.

Coinglass has detected an intriguing figure: a net outflow of 8,830.51 BTC from all CEXs combined. The direction of this move is clear—transferring from platform accounts to on-chain wallets and cold wallets under users’ own control.

Looking at the specific flows is even more interesting:

**Major Outflows**
One leading exchange alone withdrew 6,294.74 BTC, making up the majority; Gemini took out 1,221.66 BTC; another mainstream platform saw an outflow of 1,023.75 BTC.

**A Notable Exception**
Bitfinex, on the other hand, absorbed 1,123.51 BTC. This one-way inflow stands out amid the wave of withdrawals, likely indicating institutions adjusting their positions, or market makers relocating their liquidity pools.

Structurally, this is a classic "decentralization migration" signal. Similar moves are often seen before and after major market turning points—either whales are preparing for new positions, or the market has entered a wait-and-see period, awaiting the next opportunity window.

The next step is to closely monitor the subsequent movements of the on-chain addresses to get a clearer picture of where this batch of Bitcoin ultimately ends up.