BTC 1-hour closes up 1.10%: whale withdrawals and tightening liquidity resonate to drive short-term gains

Between 2026-05-24 22:00 and 23:00 (UTC), the hourly return of BTC price reached +1.10%, with a price range of 76,136.5 - 77,013.5 USDT and an amplitude of 1.15%. On-chain data shows that large holders' net outflows increased, while exchange BTC net outflows rose in tandem, and market liquidity tightened, triggering short-term buying pressure and causing a noticeable price anomaly.

The main driver of this anomaly is the shift in on-chain supply and demand dynamics. According to Glassnode data, whales (entities holding ≥1000 BTC) experienced a significant increase in net outflows to exchanges during this period, indicating large holders withdrew BTC from exchanges, reducing short-term selling pressure and intensifying market supply tightness. Simultaneously, CryptoQuant data shows exchange BTC net outflows also increased, with net outflows highly correlated with rising prices, as reduced liquidity makes it easier for buying to push prices higher.

Additionally, changes in trading volume and position structure further amplified the rally. Kaiko data indicates spot trading volume increased by about 10% compared to the previous day, and derivatives market open interest also grew. The funding rate for BTC perpetual contracts remained positive, indicating long positions dominated, and overall market sentiment turned more bullish. Furthermore, the global M2 money supply entered a new expansion cycle at the end of 2025, and in May 2026, liquidity spillover effects continued to influence high-risk assets. ETF products showed no large-scale redemptions and maintained net inflows, providing macro-level support for prices. Multiple factors resonated to drive short-term price gains.

Caution is advised regarding short-term volatility risks. Although exchange fund outflows contributed to this rally, insufficient subsequent buying could lead to a price correction. The derivatives market’s long leverage is concentrated; if market sentiment reverses, it could trigger leveraged liquidations and intensify volatility. Ongoing monitoring of whale fund flows, exchange net flows, derivatives open interest, and funding rates is necessary, along with assessments of global liquidity and ETF fund movements to evaluate medium- and long-term trends.