#比特币 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 massively transferring Bitcoin to cold wallets instead of selling. On December 3, Binance's 30-day withdrawal trading index soared to 3100 transactions, the highest level since May 2018, indicating that investors are shifting to a long-term holding strategy.
More notably, during the same period, the deposit trading fell to about 320 transactions, the lowest since 2017. This extreme divergence, with withdrawals hitting a seven-year high and deposits dropping to an eight-year low, creates a classic supply shock scenario. Typically, when Bitcoin reaches historical highs, long-term holders take 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 However, current data shows the opposite trend: existing supply is being withdrawn from the order book, and new selling pressure is almost non-existent. Analysts believe this reflects investors' strong conviction that the price discovery phase is far from over.
