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. This is typically seen as a signal of profit-taking or risk aversion. Historical data shows that this trend often foreshadows increased market volatility and traders adopting defensive strategies.

Meanwhile, miners' reserves have fallen to their lowest level since mid-2025. XWIN points out that some miners have had to sell Bitcoin to stay afloat as energy subsidies and tax credits were suspended during the government shutdown.

Furthermore, withdrawals of stablecoins from centralized exchanges (CEXs) have surged to record highs, reflecting a flow of funds towards safe-haven assets pegged to the US dollar. XWIN states that rising CEX reserves, miner selling pressure, and stablecoin outflows collectively reveal a contraction in market liquidity and a decline in risk appetite. Currently, the "Fear & Greed Index" has fallen to the "extreme fear" range, approaching levels seen during the 2023 banking liquidity crisis.