币界网报道：Bitcoin exchange activity has significantly declined, reaching levels not seen since 2018, as on-chain data reveals a notable drop in trading volumes. Despite this slowdown, large holders, or "whales," appear to be accumulating BTC, with wallet addresses holding over 1,000 BTC increasing their balances. Analysts suggest this could indicate long-term confidence among institutional and high-net-worth investors, even as retail participation wanes. The reduced exchange activity may reflect a shift toward self-custody solutions, with more users opting to store Bitcoin in private wallets rather than on trading platforms. Market observers note that such accumulation patterns have historically preceded bullish price movements, though current macroeconomic uncertainty continues to weigh on broader crypto sentiment.