Bitcoin centralized exchange (CEX) reserves have increased for the first time in six weeks, according to XWIN's analysis. This trend suggests investors are moving funds back to exchanges, often a sign of profit-taking or risk aversion. Concurrently, miner reserves have plummeted to their lowest levels since mid-2025, as some miners are compelled to sell Bitcoin due to halted energy subsidies and tax credits amid a government shutdown. Additionally, stablecoin withdrawals from CEXs have reached a historical peak, indicating a shift towards dollar-linked safe-haven assets. XWIN highlights that the combination of rising CEX reserves, miner selling pressure, and stablecoin outflows points to a tightening liquidity environment and a declining risk appetite. The 'Fear and Greed Index' has entered the 'Extreme Fear' zone, approaching levels last seen during the 2023 banking liquidity crisis.