$BTC

On-chain data shows that BTC has continuously net flowed out of exchanges, reaching its highest level since the FTX collapse in 2022, reflecting 'invisible accumulation' by institutions. However, retail investor sentiment is low, with insufficient funds entering the market, creating a divide between 'institutional support and retail caution.' If this divergence continues, it may delay the pace of the rally, requiring the ETH/BTC exchange rate to break through 0.026 (currently 0.022-0.026) to activate market enthusiasm for altcoin season.