Looking at the exchange BTC inflow data, it can largely reflect the market sentiment temperature. There is an interesting phenomenon this week—over the past three weeks, the amount of BTC flowing into exchanges has been continuously decreasing, with each week having less than the previous one, and it has now stabilized at a relatively low level.

What does this indicate? The previous panicked atmosphere is easing. Investors are no longer rushing to dump BTC on exchanges; instead, they are becoming more calm. Three consecutive weeks of decline, followed by stabilization, usually signals that panic sentiment has peaked. Of course, this is just one on-chain indicator and cannot tell the whole story, but combined with other metrics, it at least suggests that the market sentiment is gradually stabilizing.