[Digital Today reporter Hyunwoo Choo] Bitcoin is showing its most pronounced accumulation trend since 2023 after regaining $85,000. On Sept. 25 local time, blockchain media outlet Cryptopolitan reported that accumulation by whales and retail investors expanded together as exchange outflows and transfers to self-custody wallets rose to their highest levels since 2023.

Bitcoin moved back above its 365-day average, and market sentiment also tilted toward accumulation. The move to shift bitcoin off exchanges is also interpreted as a response to growing geopolitical uncertainty. Bitcoin trades like a risk asset similar to the Nasdaq in a bull market, but it also serves as a reserve asset that can be traded and used for payments 24 hours a day.

The clearest change appeared at Binance. An analysis by a user, Darkfrost, showed Binance’s bitcoin outflows rose to their highest level since 2023. The growing outflows are read as a sign of easing selling pressure. Binance’s bitcoin reserves were about 705,000 BTC before withdrawals increased, but fell to about 689,000 BTC over the past week.

Total exchange holdings are also about 2.7 million BTC, near a record low. Reserves did not increase even though there were recent miner deposits. The recent Bitget hack could further spur moves to protect personal holdings directly. It suggests that crypto investors are maintaining long-term storage even as spot ETF accumulation continues.

In September, spot order sizes also changed. Demand came from large whales, and relatively small regular purchases continued. Order size was about 798 BTC, and increased with the bitcoin rally from early September. Inflows into accumulation addresses also expanded again after a period of stagnation.

Moves by retail investors and shark wallets also increased. Shrimp wallets holding less than 1 BTC rose by 25,000 in a single day, and the number of such wallets is up 4.64 percent so far this year. Shark wallets holding 100 to 1,000 BTC also bought additional bitcoin over the past month, and their count is up 4.62 percent from the start of the year.

Most are increasing balances, excluding the most recently bought wallets in holding records. There was no sign of distributed selling as bitcoin rose from $59,000 to a recent $87,000. A significant part of current price pressure is coming from the derivatives market, and spot supply is shifting again toward investors with a strong long-term holding tendency.