Bitcoin exchange signaled the withdrawal of the holder’s condemnation in the wake of the Hormuz crisis

Bitcoin outflows from exchanges continued during the Hormuz crisis, with token holders moving coins to cold storage instead of selling them.

Bitcoin (BTC) surged on March 6 following a geopolitical shock linked to tensions around the Strait of Hormuz, driving up energy prices and triggering risk-on behavior in global markets.

Despite the turmoil, blockchain data shows that BTC continues to leave exchanges, suggesting that many holders are unwilling to sell.

Shock energy shakes markets

Analyst GugaOnChain attributed the recent volatility to disruptions around the Strait of Hormuz, a major energy transit route that remains closed amid the US-Israel war against Iran.

The market watcher noted that Brent crude traded near $85 and West Texas Intermediate near $81 as conditions pushed up fuel prices, including a $0.27 increase in U.S. gasoline prices for the week.

According to the same analysis, the shock to liquidity in global markets has subsided, leading to outflows of just under $228 million from bitcoin exchange-traded funds on March 5. However, the exchange rate data showed an unusual difference. Using a seven-day moving average, Bitcoin’s net exchange flow remained negative, meaning more coins were leaving the exchange than entering them. The daily data showed a withdrawal of 500 BTC, while the weekly amount reached about 6,500 BTC and left the trading places.

According to GugaOnChain, such movements often indicate that investors are transferring assets to cold storage, which reduces the immediate supply for sale.

“Given the significant stability of the chain, the instruction is to adopt a defensive tactical position, now maximum cash and wait for the confirmation of the return of the institutional flow before increasing the exposure again,” said the analyst.

Trading activity on major stock exchanges is intensifying

While coins are generally leaving exchanges, trading activity on the platforms has picked up. Data shared by Arab Chain on March 6 showed that Bitcoin turnover on Binance reached nearly 425,000 BTC over the past 30 days, one of the highest readings since December.

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Bitcoin reserves are currently around 660,000 BTC, and compared to the 30-day turnover figure, the liquidity ratio is around 0.64, meaning that around 64% of these reserves have been traded or transferred during this period.

This pattern suggests that the same coins are changing hands repeatedly in a short period of time, reflecting increased speculative activity and strong liquidity in the market.

Bitcoin has retreated from a one-month peak hit earlier this week, and price data from CoinGecko shows the asset trading at just $71,000 at the time of writing, down nearly 2% in the past 24 hours, but still close to a 5% seven-day gain.

Currently, the prominent cryptocurrency sits amid renewed institutional demands and global macro pressure. The currency pullback means that many owners are waiting rather than rushing to exit positions, although traders remain active within the market.