Existing BTC holders drive up, new capital inflows decrease

The current rise of BTC is driven by the existing holders, and its market value has continued to rise, while the inflow of new funds from ETF, stable currency and treasury bond is decreasing. There is a similar gap between the rise in 2024 and 2025, but at that time the inflow scale was larger, and the increase in new capital inflows will provide substantial demand support for BTC. （glassnode）