The exchange reserves remain one of the most important data points. From the data, it can still be observed that even though the price of BTC has risen above $105,000, the Bitcoin reserves on exchanges continue to show signs of leaving the exchanges. We have been discussing this situation for a long time. It represents that more investors remain optimistic about BTC's long-term trend and have not chosen to exit due to short-term price fluctuations. Most investors are still opting to buy. However, there is a divergence between spot buying and BTC spot ETF buying. In the spot market, it can be seen that exchange reserves are continuously declining, but as mentioned earlier, ETF investors have seen their purchasing power drop by more than half in the past two weeks. This also indicates that traditional investors, while maintaining expectations for BTC's trend, are not very active in buying. On the other hand, exchange investors are more driven by BTC FOMO. Therefore, whether BTC can continue to rise depends not only on exchange users but also on an increase in purchasing power from traditional users. This tweet is sponsored by @ApeXProtocolCN | Dex With ApeX