XWIN: Changes in CEX and miner reserves indicate that funds are rapidly exiting the market

According to research agency XWIN, Bitcoin CEX reserves have risen for the first time in six weeks, indicating that some investors are transferring Bitcoin back to exchanges, which is typically seen as a signal for profit-taking or risk aversion.

Historical data shows that this trend often precedes increased market volatility, with traders adopting defensive strategies. Meanwhile, miner reserves have dropped to their lowest level since mid-2025. XWIN points out that due to the suspension of energy subsidies and tax credits during the government shutdown, some miners have had to sell Bitcoin to maintain operations.

Additionally, the withdrawal volume of stablecoins from CEX has surged to an all-time high, reflecting that funds are flowing into dollar-pegged safe-haven assets. XWIN states that the rise in CEX reserves, miner selling pressure, and outflow of stablecoins collectively reveal a pattern of market liquidity contraction and declining risk appetite.

Currently, the "Fear and Greed Index" has fallen into the "Extreme Fear" range, approaching levels seen during the 2023 banking liquidity crisis.