Last week, it was stated multiple times that the recent rise in BTC prices may not necessarily be due to an increase in purchasing power, but rather because the amount of sell-offs is decreasing.

From the transfer data, it can be seen that the amount of BTC transferred to exchanges has been continuously declining over the past three weeks, and the current sell-off volume entering exchanges is also at a relatively low range compared to data from the past year.

This again proves that even though prices are nearing historical highs, the sentiment of investors to sell is significantly different compared to the low rising cycle of 2024, which represents a change in investor mentality.

Investors are beginning to focus on longer-term BTC investments, likely due to Trump and the U.S. policies regarding cryptocurrency.