The 14-day average daily BTC inflow to exchanges has dropped to less than 27,000, indicating a contraction in liquidity and increased investor caution

inflow of Bitcoin into exchanges is a key indicator reflecting recent trading intentions. According to the calculation of the 14-day average, this indicator has decreased from an average of 58,600 BTC per day in December last year to 26,900 BTC, which means that the amount of Bitcoin sent to exchanges has decreased by 54%, indicating a contraction in market liquidity and an increase in investor caution.

In addition, a capital flow indicator reflecting the current market structure is the "hot supply" of Bitcoin, which is the amount of Bitcoin flowing weekly. Data shows that this indicator, which peaked in December 2024, has decreased from 5.9% of the total circulating supply to just 2.8%, highlighting a reduction of over 50% in short-term trading activity and market participation, indicating that speculative capital is retreating.