According to Golden Finance, Bitcoin’s exchange inflows are a key indicator that reflects recent trading intentions. Based on the 14-day average, the indicator has dropped from an average of 58,600 BTC per day in December last year to 26,900 BTC, which means the number of Bitcoin sent to the exchange has dropped by 54%, with market liquidity shrinking and investor caution increasing. In addition, a liquid capital indicator reflecting the current market structure is Bitcoin’s “hot supply”, that is, the amount of Bitcoin flowing weekly. Data shows that the indicator has reduced from 5.9% of the total circulating supply to only 2.8% after reaching its peak in December 2024. The decline of more than 50% highlights the general decline in short-term trading activities and market participation, indicating that speculative capital is retreating.