According to ChainCatcher, on-chain data shows that despite Bitcoin consolidating in the range of $90,000 to $91,000, Binance's user behavior has shown a historic divergence: investors are significantly transferring Bitcoin to cold wallets rather than selling. On December 3, the 30-day withdrawal transaction index on Binance surged to 3100, the highest level since May 2018, indicating that investors are shifting to a long-term holding strategy.
What's more striking is that the number of deposit transactions fell to about 320, the lowest since 2017. This extreme divergence, with withdrawals reaching a seven-year high and deposits dropping to an eight-year low, forms a classic supply shock scenario. Typically, when Bitcoin hits all-time highs, long-term holders realize profits, leading to an increase in deposits; however, current data shows the opposite trend: existing supply is being withdrawn from the order book, and new selling pressure is almost nonexistent. Analysts believe this reflects investors' firm belief that the price discovery phase is far from over.
