On-chain data has brought to light an intriguing development on the Bitcoin market. In the last 48 hours, a whopping 40,000 BTC has exited crypto exchanges. The timing of this significant outflow aligns with a period of Bitcoin's lackluster price activity, indicating that major market players might be viewing the current price levels as a buying opportunity.

At the time of writing, BTC was 1.11% in the last 24 hours to $59,478, after reaching highs of $61,194 in yesterday's trading session. Bitcoin remains down 2.24% weekly.