Bitcoin Price Slumps as Withdrawals and Bear Market Metrics Align

A recent Bitcoin withdrawal of $144.68 million from OKX has sparked concerns about exchange reserves and market sentiment.

According to Lookonchain, a Bitcoin whale withdrew 2,341 BTC from OKX, which may not be an isolated incident given the current trend of shrinking exchange reserves.

Despite persistent accumulation, demand conditions have been 'deeply unfavorable' according to a crypto on-chain analyst.

The 200-week moving average and 200WMA quantile metric suggest that Bitcoin may be nearing the depths of the current bear market.

A comparison with November 2025's price action indicates that another sell-off and flush towards the $53K-level may be possible, given similarities in price movements between the two periods.