But if we look at the net flow data of BTC and ETH on exchanges from another perspective, it becomes more obvious. Recently, the amount of BTC being withdrawn from exchanges has significantly decreased, which aligns with our conclusion that BTC purchasing volume is also dropping. On the other hand, ETH doesn’t show a clear downtrend in terms of exchange reserves. Withdrawal volumes remain very strong, and it’s evident that ETH selling pressure is decreasing. Combining this with transaction volume data from both primary and secondary markets, it’s highly likely that more investors are buying the dip right now, while there aren’t many investors willing to chase higher prices. This post is sponsored by Bitget ｜ @Bitget_zh