Are the mainstream coins in exchanges really being "emptied"? The data has become clear in the past two days.

Ethereum's on-exchange holdings have fallen to 8%, hitting a new low since 2015. And Bitcoin? More directly — only 2.75 million remain on exchanges. Meanwhile, MicroStrategy's holdings are 46 times larger than those of a well-known compliant platform.

The underlying logic is actually quite straightforward:

**Whales are quietly acting** — Large institutions are not selling off, but actively withdrawing and locking in their holdings. This is completely different from panic selling in a bear market.

**Supply-side tension is emerging** — Liquidity is decreasing, and market volatility will naturally increase. When holdings drop to a certain level, even small movements by retail investors can trigger waves.

**Ecosystem development is accelerating** — Mining pools' hash rates have increased by 30% this year, and infrastructure expansion shows no signs of slowing down. This indicates that industry players are not pessimistic about the future.

💡 **Practical insights for ordinary traders**:

In a bear market, we learn to cut losses, but in a bull market, problems can arise — rushing to chase highs, re-accumulating at the wrong times. Instead of putting all your bets on already hot mainstream coins, it’s better to diversify. Ecosystem tokens with strong community support and consensus might hide more opportunities.

Ultimately, what does the phenomenon of coins flowing from exchanges to on-chain and personal wallets reflect? Are institutions planning their moves, or are they brewing some major event?

What’s your take?