Analysis: The 14-day average of daily inflows to exchanges for BTC has dropped to less than 27,000 coins, indicating a contraction in liquidity and an increase in cautious sentiment among investors

ChainCatcher message, the inflow of Bitcoin to exchanges is a key indicator reflecting recent trading intentions. According to the 14-day average, this indicator has decreased from an average of 58,600 BTC per day in December last year to 26,900 BTC, indicating a 54% drop in the amount of Bitcoin sent to exchanges, which suggests a contraction in market liquidity and an increase in investor caution.

Additionally, a liquidity capital indicator reflecting the current market structure is Bitcoin's "hot supply," which refers to the amount of Bitcoin that is circulating weekly. Data shows that this indicator has shrunk from 5.9% of the total circulating supply to just 2.8% after peaking in December 2024. The more than 50% decline highlights a general drop in short-term trading activity and market participation, indicating that speculative capital is retreating.