#美国核心物价涨幅不及市场预估 According to on-chain data platform monitoring, a top global asset management institution recently withdrew a significant 6,647 BTC from a compliant platform within the last 8 hours, equivalent to approximately $638 million. What does this operation reflect? Looking back, this institution has a total withdrawal of 9,346 BTC in the past 48 hours, totaling nearly $900 million — such large-scale continuous withdrawals are indeed worth market attention. $BTC Transfers from exchanges to self-custody wallets are usually interpreted as signals of long-term holding, especially when involving such a large amount of funds. Against the backdrop of US core CPI data falling below market expectations, this move by institutional investors may reflect their certain judgment on the subsequent policy environment. Such on-chain activity data often provides us with some clues about the true intentions of market participants.