The opening days of February 2025 have been marked by intense crypto market fluctuations, with Cryptoquant data showing a swift, sustained withdrawal of bitcoin (BTC) and ethereum (ETH) from custodial trading platforms beginning Jan. 31 and accelerating through this week.

Exchanges harbor the smallest caches of these assets since July 2018, suggesting a strategic pivot toward self-custody or institutional accumulation. Currently, centralized crypto exchanges hold 2.4 million BTC. Just before Feb., 2.53 million BTC were secured, indicating that from Feb. 1 to today, 130,000 BTC have been withdrawn.

A similar pattern emerges with ether caches on centralized exchanges; at the start of Feb., 19.70 million ether were held, and today that figure has declined to 19.10 million. Cryptoquant’s metrics reveal that 600,000 ethereum have been removed from these trading platforms. Data from other onchain analytics providers, such as Santiment and Glassnode, show similar BTC and ETH outflows this week.

These evolving patterns may be signaling a broader shift in market sentiment, hinting at a transition toward self-custody and alternative investment strategies. With institutional and individual participants rethinking asset management, market actors appear to be preparing for long-term recalibration. The observed changes in exchange holdings invite further scrutiny but showcase a larger trend.

At the same time, while BTC and ETH reserves registered a significant drop, stablecoin inflows exhibited a pronounced uptick. Data detailing all ERC20 stables held by centralized exchange platforms reveals a rise from 45 billion to 46.82 billion, representing an increase of 1.82 billion dollar-backed coins.

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