The exchange's stock still remains one of the most important pieces of data. The data shows that even though the price of BTC has risen above $105,000, the Bitcoin stock on exchanges continues to show signs of leaving the exchanges.

We have been discussing this situation for a long time, which represents that more investors remain optimistic about the long-term trend of BTC and have not chosen to exit due to short-term price fluctuations. Most investors are still choosing to buy.

However, there appears to be some divergence between spot buying and BTC spot ETF buying. In the spot market, we can see that the exchange's stock is continuously declining, but ETF investors have previously mentioned that in the last two weeks, purchasing power has reduced by more than half.

This also indicates that while traditional investors maintain expectations for BTC's trend, their buying is not very aggressive, whereas exchange investors are more prone to BTC FOMO. Therefore, for BTC to continue rising, in addition to exchange users, an increase in purchasing power from traditional users is also needed.

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