The exchange's stock data remains very optimistic from a weekly perspective. Although the price of BTC has been unstable during the week, the stock on exchanges continues to decline. Regardless of whether the price rises or falls, investors' sentiment to buy BTC has not been halted by price fluctuations. The decline in exchange stock essentially indicates that investors still have a long-term bullish outlook on Bitcoin.

Looking at a longer time frame, the total stock of BTC on exchanges is currently consistent with that of June 2019. This is the biggest difference in this cycle; in the past, as BTC prices rose, more and more investors would transfer BTC to exchanges to seek the best selling time.

This time, it is evident that after Trump attended the Bitcoin Consensus Conference and mentioned BTC as a strategic reserve, the stock on exchanges has been decreasing for nearly a year, regardless of BTC's price trends.

On one hand, this reduces the short-term liquid BTC. With the continuous purchases from institutions and ETF investors, the cyclical sell-off based on price changes has been greatly alleviated. On the other hand, the continuous buying by more investors also indicates that BTC has become a new asset class.

In BlackRock's latest investment review details, BTC's returns rank third and represent a completely independent category, indicating that BTC has become a core asset for global risk appetite, fundamentally changing the attributes of BTC's previous four-year cycle.

This article is sponsored by #Bitget ｜ @Bitget_zh

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