The thing I personally focus on the most is still the reserve data of exchanges. From the detailed data, we can see that as BTC's price dropped during the week, reserves showed a gradual upward trend. The total Bitcoin reserves across all exchanges increased by 10,000 BTC during the week. Looking at more detailed data, the two exchanges with the largest holdings are Coinbase and Binance, with their BTC reserves accounting for about 60% of the total reserves across all exchanges. Among them, BTC reserves on Coinbase decreased along with BTC's price, indicating that more U.S. investors are gradually buying BTC, especially during BTC's first drop of the week. On the other hand, Binance's BTC reserves showed an upward trend, increasing by approximately 20,000 BTC. This suggests that investors on Binance are showing more signs of panic selling during the price drop, with some choosing to deposit their BTC into the exchange to prepare for exiting the market. However, looking at the yearly data, we are still at the bottom of overall exchange reserves. My personal view on this drop has been made very clear: it is highly likely caused by panic due to the shutdown and insufficient liquidity, rather than systemic risk. Once the shutdown ends, there is a high probability that prices will recover somewhat. From the majority of investors' holdings, we can also see that only about 10,000 BTC were involved in panic selling, while most holders are still handling the situation calmly. Sponsored by @Bitget ｜ Save the most on fees, grab the best rewards, and become a VIP only on Bitget!