XWIN: Changes in CEX and miner reserves indicate that funds are accelerating their withdrawal from the market.

According to research firm XWIN, Bitcoin reserves on CEXs have risen for the first time in six weeks, indicating that some investors are transferring Bitcoin back to exchanges, a move often seen as a sign of profit-taking or risk aversion. Historical data shows that this trend often foreshadows increased market volatility and defensive strategies from traders. Meanwhile, miner reserves have fallen to their lowest level since mid-2025. XWIN points out that some miners have had to sell Bitcoin to stay afloat due to the suspension of energy subsidies and tax credits during government shutdowns. Furthermore, withdrawals of stablecoins from CEXs have reached record highs, reflecting a flow of funds into safe-haven assets pegged to the US dollar. XWIN states that the rise in CEX reserves, miner selling pressure, and stablecoin outflows collectively reveal a pattern of shrinking market liquidity and declining risk appetite. The "Fear & Greed Index" has now fallen into the "extreme fear" zone, approaching levels seen during the 2023 banking liquidity crisis.