Bitcoin exchange outflows climbed to a six-month high, with 25,644.4 BTC leaving exchanges in a 24-hour period, according to Glassnode. The move has put whale behavior back in focus as traders assess whether large holders are reducing near-term sell pressure.
An exchange outflow refers to BTC being moved from a trading venue into a private wallet. In crypto markets, that is often read as a sign that holders are not preparing to sell immediately. The report also cited Ali Charts, which said roughly 7,400 BTC had been withdrawn from exchanges over the past week. Taken together, both figures point to the same trend: large holders are moving coins into self-custody rather than leaving them on exchanges.
The $80,300 level is now the main price test
At the time referenced in the report, Bitcoin was trading near $79,724, down from a recent high of $82,800. The average entry price for “new whales,” defined as those that bought within the last 155 days, was also listed at $79,724, placing that cohort around breakeven.
That is why $80,300 has become a closely watched level. If BTC fails to hold above it, newer large holders could slip into losses, increasing the chance of selling pressure. If price reclaims that area and keeps it as support, the pressure on those positions eases and the short-term structure looks firmer.
ETF flows complicate the picture
On-chain data is not the only factor in play. SosoValue data showed that spot Bitcoin ETFs posted a $277.5 million net outflow on May 7, ending a streak of five straight days of inflows. That suggests some institutional money moved out of Bitcoin-linked funds on the day.
Even so, the broader ETF totals remain large. The report said cumulative net inflows for spot Bitcoin ETFs still stood at $59.49 billion, while total net assets were $106.77 billion, equal to about 6.67% of Bitcoin’s total market capitalization.
Liquidation clusters sit at $78,800 and $80,600
CoinGlass 24-hour liquidation heatmap data highlighted two nearby zones with concentrated leveraged positions: around $80,600 above the market and around $78,800 below it. Those areas matter because sharp moves into either band can trigger forced liquidations and amplify volatility.
If BTC drops toward $78,800, long liquidations could add to downside momentum. If price pushes up toward $80,600, positioning there could also intensify the move. Based on the figures in the report, strong exchange outflows still point to holder conviction, but price action between roughly $79,700 and $80,300 remains the near-term area traders are watching most closely.