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While the price chart gets all the attention, this number tells a quieter story.
Over 270,000 Bitcoin have left exchanges in the past two weeks.
When coins move off exchanges in size, it usually means people are moving them into long-term storage instead of keeping them ready to sell. That's typically read as accumulation, not panic.
It's happening at the same time leveraged shorts are getting wiped out and U.S. demand data still looks weak.