Data: Bitcoin sees a surge in withdrawals at the $90,000 mark

On-chain data shows that despite Bitcoin consolidating in the range of $90,000 to $91,000, Binance 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 transaction index soared to 3,100 transactions, the highest level since May 2018, indicating that investors are shifting to a long-term holding strategy.

Even more striking is that during the same period, deposit transactions 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take profits, leading to an increase in deposits, but current data shows the opposite trend: existing supply is being withdrawn from the order book, and new selling pressure is almost nonexistent.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' strong conviction that the price discovery phase is far from over.