by Coinstrooper Crypto Articles
Quick Take
  • “This marks the highest level of withdrawal activity observed since May 2018,” the analyst noted.
  • The massive divergence, where withdrawals hit a 7-year peak while deposits reach an 8-year low, creates a textbook “Supply Shock” scenario.
  • “This behavior indicates extreme conviction among investors who believe the price discovery phase is far from over,” CryptoOnchain concluded.
  • Bitcoin continues trading within a broad one-year range, with recent weekly candles positioning the price near the range low around $80,000-$81,000.

What Happened

The metric indicates a growing number of investors are transferring assets to cold storage, demonstrating a long-term holding strategy, rather than short-term trading speculation.

“This behavior indicates extreme conviction among investors who believe the price discovery phase is far from over,” CryptoOnchain concluded.

You play the game in your web browser, set up virtual mining nodes, and upgrade your facilities to earn $PEPENODE tokens.

Market Context

Rather than liquidating positions, the majority are aggressively withdrawing coins from the exchange, leading the Bitcoin price prediction to signal a potential breakout above $100,000.

Bitcoin continues trading within a broad one-year range, with recent weekly candles positioning the price near the range low around $80,000-$81,000.

The chart identifies substantial resistance between $117,000 and $122,000, but the market must first reclaim the mid-range level near $109,000, an area that has consistently capped rallies since mid-2025.

Meanwhile, weekly moving averages are beginning to flatten, and price currently trades beneath the 20-week and 50-week MAs, indicating momentum remains subdued.

Until then, price will likely range sideways with a slight bearish tendency unless bulls recover $109,000 and reverse momentum in their favor.

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As more people start purchasing Pepenode’s mining rigs, the token price is expected to rise rapidly.

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Why It Matters

“This marks the highest level of withdrawal activity observed since May 2018,” the analyst noted.

If Bitcoin loses the $80,000 support, the chart reveals a wide demand zone between $62,000 and $71,000 as the next significant area where buyers may establish a bottom.

If Bitcoin finally breaks through $109,000 and starts climbing again, meme coins like Pepenode (PEPENODE) could experience another explosive rally.

Details

As Bitcoin consolidates in the $90,000-$91,000 range, on-chain data from Binance reveals an unusual bullish divergence in trader behavior regarding selling versus buying activity.

Bitcoin Deposits Hit 8-Year Low, Creating Supply Shock

According to charts from CryptoOnchain, the 30-day Exponential Moving Average (EMA-30) of Exchange Withdrawal Transactions on Binance experienced a substantial spike, reaching 3,100 daily transactions on December 3rd.

Even more remarkable is the sell-side behavior. While withdrawals surge, the 30-day moving average of depositing transactions to Binance has fallen to its lowest level since 2017, dropping to approximately 320 transactions.

The massive divergence, where withdrawals hit a 7-year peak while deposits reach an 8-year low, creates a textbook “Supply Shock” scenario.

Technical Structure Shows Range-Bound Consolidation

Only a decisive weekly close above $109,000 would reopen pathways toward a larger bullish structure.

Pepenode Raised Over $2.3M To Position for Meme Coin Mania

It’s a game where you can “mine” coins without needing expensive computer equipment.

The project is replicating PEPE’s success strategy, which surged over 1,000x during Bitcoin’s rally from $27,000 to over $64,000 during the 2023-24 run.