[CryptoQuant CEO: Significant Decline in Bitcoin Flowing from Spot Exchanges to Futures Exchanges] CryptoQuant founder and CEO Ki Young Ju stated that the current average cost of Bitcoin wallets is approximately $55,900, with holders achieving an average profit margin of about 93%. Despite the recent drop in Bitcoin prices, on-chain capital inflows remain strong. However, the amount of Bitcoin flowing from spot exchanges to futures exchanges has significantly decreased, indicating that whales are no longer actively using Bitcoin as collateral to open new long positions. Meanwhile, Bitcoin's leverage ratio remains at a relatively high level.