As BTC continues to consolidate, whales have secretly started hoarding coins again. Glassnode's research report on the 28th shows that long-term Bitcoin holders have started a new round of hoarding for the first time since December 2023 after months of selling. We can see this from the flow of funds from Bitcoin spot ETFs. Throughout April, ETF funds were in a state of outflow. But last week, the net inflow of funds to ETFs reached a staggering $242 million per day, indicating that buyer demand is back on track, which highlights the market influence of ETFs. At the same time, the performance of this round of Bitcoin bull market has been more moderate. In the past three months, Bitcoin's weekly, monthly and quarterly gains have exceeded 3.3%, 7.4% and 25.6% respectively, and in the past three months, only 5 days have seen a larger increase than the above. In previous bull markets, these days may reach between 18 and 26 days, which indicates that the current bull market may be more cautious and stable than the historical bull market.
