In terms of on-chain data,

thousands of BTC have flowed into exchanges,

the overall impact is not significant.

Currently, we see the following major directions:

(1) 20 states in the United States are advancing bills related to Bitcoin reserves. If all are passed,

it is expected to drive $23 billion into the Bitcoin market, equivalent to approximately 247,000 BTC.

(2) The latest data shows that institutions including Barclays, Goldman Sachs, and BlackRock have reported increasing their Bitcoin investments.

(3) Retail investors are cutting losses on BTC, while institutions are accumulating BTC, just like during last year's surge in gold prices.

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