Looking at the BTC reserves on exchanges, the overall trend this week is still decreasing. In other words, even though BTC's price is dropping, there hasn’t been any panic. On the contrary, quite a few investors are buying in. Even in the past 24 hours, the newly transferred tokens near the lowest point only increased by 1,600 BTC, which doesn’t have much impact on the spot price. Last week, we also observed from annual data that BTC is currently at almost the lowest value of the year, and it’s also the lowest in the past six years. This indicates that even though some investors believe the bull market has ended, more BTC is actually being bought by investors. Moreover, the more it drops, the more these investors buy. At the moment, it’s becoming harder for long-term investors to release their tokens at low prices, while short-term investors are holding fewer and fewer BTC. This post is sponsored by Bitget ｜ @Bitget_zh