ChainCatcher Message, although Bitcoin has experienced significant volatility in the short term, key indicators suggest that its long-term outlook remains bullish. Analyst Axel Adler points out that Bitcoin's exchange net inflow and reserve ratio indicate that the market is in an accumulation phase, with BTC being transferred from exchanges to long-term storage addresses. This trend suggests that investor confidence is increasing, and as the market matures, prices may rise.

A negative ratio indicates that more BTC is being withdrawn than deposited, suggesting that users are more inclined to hold for the long term rather than engage in short-term trading. This reduces the available supply on exchanges, which typically leads to price increases, as investors focus more on long-term gains.

At the end of the 2022 bear market, this indicator peaked, and the current market conditions show a similar trend. Although BTC has recently struggled to break through $100,000, the continued outflow from exchanges indicates that investors are starting to accumulate Bitcoin again. Analysts believe that as exchange reserves decrease, potential upward momentum is forming, providing support for a bullish outlook in the coming years.