Bitcoin is experiencing a significant decrease in inflow to cryptocurrency exchanges, reaching a 10-year low. Analysts have varying opinions on the future price of Bitcoin, with some predicting a decline to $40,000 and others suggesting the end of the bull cycle. Despite this, network metrics show an increasing demand pressure.

The current market cycle is different from usual due to the premature update of historical levels caused by a large influx of capital from the approval of spot ETFs in the US. In the past three weeks, this influx has turned into outflow, indicating the potential end of the impulse and a reversal.

Although ETFs have been a notable factor in 2024, hodler sentiments and evaluations from long-term market participants still play a significant role. One key metric is the influx of Bitcoin to cryptocurrency exchanges; a higher number of people exchanging it for stable coins or fiat money indicates a greater influx.

By the end of April, the daily Bitcoin influx to exchanges dropped below 10,000 BTC, hitting a 10-year low. Additionally, there is a continued rapid influx of coins to accumulation addresses, suggesting a strong interest in savings.

However, the decrease in the percentage of coins inactive for over a year, from 70.8% to 65.8%, is worth noting. Part of this decline can be attributed to the transformation of the Grayscale trust fund into a spot ETF, leading some investors to take profits and others to move their investments to funds with lower fees.

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