Bitcoin tests $70K as 31,900 BTC leave exchanges signaling accumulation
31,900 BTC exits exchanges as Bitcoin retests $70K
Bitcoin retests $70,000 after touching $74,000. On-chain flows show large withdrawals.
A single-day outflow of 31,900 BTC hit exchanges on March 4. The move points to coins leaving for cold storage. Source: Axel Adler.
Netflows stayed negative all week. Roughly 47,700 BTC left exchanges. One of the largest weekly outflows in a year. Data via the article and Adler.
- Feb 27: 2,867 BTC out
- Feb 28: 1,205 BTC out
- Mar 1: 251 BTC out
- Mar 2: 6,129 BTC out
- Mar 3: 1,819 BTC out
- Mar 4: 31,900 BTC out source
- Mar 5: 3,478 BTC out
Stablecoin flows flipped in early March 2026. Around $1.1B moved onto exchanges, then netflow reversed to -$37.5M within days. The sequence suggests quick deployment into spot Bitcoin and withdrawals to custody.
Price action holds near $70K. The 4h chart shows a rebound from ~$63K late February, then a push to ~$74K. Chart context: TradingView image.
Key levels now:
- Resistance: descending 200MA near $70K.
- Support: 50/100MA cluster at $68K–$69K.
- Above $69K opens $73K–$74K.
- Below $68K risks $65K–$66K retest.
Exchange netflow chart reference: CryptoQuant image. Overall exchange context: exchanges link.
