The amount of Bitcoin deposited into exchanges recently is very low, at only about 30,000 per day, equivalent to the record low level of 2016. Meanwhile, the 10-year average is 90,000 and the peak of this cycle was 125,000 when BTC reached $66,000.

When users are depositing less BTC onto exchanges, it indicates that they prefer to hold it in personal wallets rather than sell. The last time such low deposit figures occurred was when Bitcoin began a major price surge. While it does not guarantee that prices will rise quickly, it could lead to a shortage of Bitcoin in the spot market.

The Netflow-to-Reserve ratio shows that outflows are dominating, meaning Bitcoin is leaving the exchanges. The most pronounced negative value appears at the end of the bear market, when "smart" players bought from forced sellers at $17K.

In summary, the trend of holding Bitcoin in personal wallets and continuous outflows could pave the way for more significant price volatility in the future.