Not only is the amount of BTC transferred from the exchange decreasing, but it is also evident from the purchasing power of BTC spot ETFs. The purchasing power in the past two weeks has shown a significant gap compared not only to 2024, but also to two or three months ago. In addition to geopolitical conflicts and uncertain trade relations, the reasons for hedging may also include concerns about the Federal Reserve's monetary policy and the possibility of economic recession caused by long-term maintenance of high interest rates.