Bitcoin is leaving exchanges at a record pace not seen since mid-2021, data shows, as BTC price action pushes towards new all-time highs. According to an analysis from CryptoSlate's James Van Straten, over $2 billion worth of Bitcoin was withdrawn from exchanges on March 1 alone. This rivals the previous record for a single-day withdrawal set in June 2021.

The outflows indicate a strong "hold" sentiment among Bitcoin investors and traders. Major exchanges like Binance and Coinbase saw huge withdrawals, with Binance losing around $400 million in BTC and Coinbase over $1 billion linked to U.S. Bitcoin ETFs. Glassnode data shows Bitcoin reserves across exchanges are now at the lowest levels since March 2018.

At the same time, on-chain data shows an influx of new Bitcoin investors entering the market. According to CryptoQuant contributor Crypto Dan, more "younger" coins are moving, indicating new buyers, while "older" dormant coins are waking up. This suggests fresh capital is flowing into Bitcoin as it pushes for new all-time highs. If the trend continues, it could foreshadow the "true bull market" many investors are anticipating.