우민규 Woominkyu2026-07-28

Bitcoin: Quiet Accumulation Beneath the Correction.

Bitcoin: Quiet Accumulation Beneath the Correction. Bitcoin trades near $63,700, about 49% below the October 2025 peak of $126,200. Price looks weak — but exchange flows tell a different story.Reserves Keep FallingExchange reserves have dropped from 2,783,000 BTC to 2,705,000 BTC over six months (-78,000 BTC) and now sit near cycle lows. In a typical capitulation, coins flood into exchanges to be sold. Instead, the dominant behavior throughout this correction has been withdrawal into self-custody — a sign of long-term holding intent, not distribution.TakeawayShrinking exchange supply against falling price is a classic accumulation-phase structure: sell-side liquidity is thinning, making price more responsive once demand returns. Watch the netflow 7D MA — a sustained flip into positive territory would be the first warning of renewed distribution and could open a retest of $58K. Until then, the supply side favors patient accumulation.