According to on-chain data monitoring, a total of 35,268,300 USDT has recently been transferred out of a major exchange. What is behind this large transfer?

At first glance, this may reflect large investors reducing their positions. Funds flowing from the platform to self-custody wallets indicate that holders are changing their strategy—no longer relying on exchanges, possibly for long-term accumulation. In the short term, this could weaken market liquidity and alleviate selling pressure.

But there is an interesting flip side. When large investors transfer their chips to hold, it means they might be waiting for a better entry opportunity or have already completed their layout. If no new buying interest follows, the market may appear somewhat sluggish—the buying power is weakening.

The movements of mainstream coins like BTC, ETH, and BNB are worth paying attention to. Large transfers often signal a change in market participants' sentiment—whether it's smart money lurking or a risk signal depends on whether subsequent trading volume can absorb the flow.