$BTC The latest on-chain data for Bitcoin reveal a quiet but significant change in the behavior of larger holders. Wallets holding at least one full BTC are sending fewer coins to exchanges compared to any other point in the current market cycle – a clear signal that selling pressure has noticeably weakened. Historically, transfers from long-term or large holders to exchanges have played a key role in market turning points. When these movements accelerate, it usually indicates preparation for sales and often occurs around local or cyclical peaks. Currently, such a pattern is absent. Even though Bitcoin is trading significantly above levels from previous years, large holders are not increasing their activity towards exchanges. This change stands out clearly when compared to earlier cycles. In the past, rising prices were often accompanied by a sharp increase in deposits to exchanges from so-called wholecoiners – a dynamic that increased supply and amplified volatility. Today, however, inbound flows remain strongly limited, suggesting that these participants are not rushing to reduce their exposure at current price levels. From a supply perspective, this behavior is crucial. Bitcoin that remains off exchanges is less likely to be sold on the spot market, reducing immediate downward pressure on the price. If demand remains stable or improves, the limited liquid supply could act as a buffer during corrections and help avoid deeper declines. Long-term trends in the data support this thesis, showing that inbound flows remain well below their historical averages rather than returning upward. While reduced exchange activity from large holders does not automatically guarantee a new rally, it removes a well-known obstacle. In the past, rallies often exhausted when large portfolios began aggressively distributing their assets. In the absence of such pressure, current price movements are more likely driven by changes in demand rather than mass sell-offs. Overall, the data suggest that major Bitcoin holders feel comfortable holding their positions rather than rushing to realize profits. Historically, such an environment is associated with milder declines and a market that reacts less strongly to negative news, placing greater emphasis on demand as the key driver of the next big move.