However, if we look at the net flow data of $BTC and $ETH on exchanges from a different perspective, it becomes more apparent. Recently, there has been a significant decrease in the amount of BTC withdrawn from exchanges, which is consistent with our conclusion that the purchasing volume of BTC has declined.

On the other hand, ETH does not show a significant downturn in terms of its stock on exchanges; the withdrawal volume remains very strong, and it is clear that the selling pressure of ETH is decreasing. Combining this with the transaction volume data from both primary and secondary markets, it is very likely that investors who are buying on dips are increasing, but there are not many investors willing to chase higher prices.

This article is sponsored by #Bitget ｜ @Bitget_zh

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