According to TechFlow, 10x Research published an article stating that Bitcoin is currently facing the challenge of breaking new historical highs. The main reason is that the Bitcoin halving event on April 20th slowed the issuance of stablecoins and the number of wallets holding more than 10 million US dollars in stablecoins decreased. This trend is currently hindering Bitcoin from breaking through historical highs.

Meanwhile, $6.75 billion worth of Bitcoin was withdrawn from exchanges in the past month, mainly from Kraken and Coinbase in the United States. Ethereum also saw $1.9 billion in withdrawals from exchanges. Overall, demand for Ethereum has slowed in all areas.