Yes, the market maker selling pattern that we have been concerned about continues to unfold. Approximately 6,780 BTC were transferred to exchanges again, a volume very similar to yesterday's. At the moment, there is no meaningful buying liquidity coming through ETFs, and there are also no clear signs of accumulation through OTC (over-the-counter) transactions. The situation continues to deteriorate. People often repeat the phrase, "Buy when there is fear." But is anyone actually following that principle right now? No, they are not. In my view, the real fear has not arrived yet. The market continues to talk about hope and opportunity, but the actual flow of liquidity is pointing in a completely different direction. That disconnect between market expectations and real capital flows is what concerns me the most.(mignolet)