From the holding data of the past week, $BTC holdings still show a trend of high net worth investors buying, while small-scale investors are selling. However, in the last 24 hours, the situation has slightly reversed, with signs of some high net worth investors exiting and small-scale investors accumulating.

The changing incentive may be that Trump has once again postponed the implementation of reciprocal tariffs, alleviating short-term uncertainty. The exit of high net worth investors appears from detailed data to be more like a decrease in exchange inventory.