Bitcoin holdings on cryptocurrency exchanges declined by around 209,000 BTC over six months as market participants moved assets away from trading platforms amid heightened price volatility, according to Santiment.

The outflow reflects a broader shift by traders and long-term holders toward off-exchange storage during periods of market turbulence. Bitcoin has faced elevated volatility driven by leveraged trading activity and institutional portfolio rotations.

Speculators have increasingly entered leveraged futures positions ahead of major market events, contributing to sustained price swings and liquidation cycles across derivatives markets.