For more than 89 days, Bitcoin has maintained a price above 100,000 USD, reflecting a trend driven by liquidity shortage, not retail investors.
The negative average exchange netflows indicate coins are leaving exchanges faster, causing tightening supply conditions. This change demonstrates a shift in market dynamics towards larger entities.
The approval of BTC Spot ETFs in early 2024 has increased institutional holdings to over 1.3 million BTC, creating significant pressure in the market.
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