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

At the same time, in the past month, $6.75 billion worth of Bitcoin was withdrawn from exchanges, mainly by Kraken and Coinbase in the United States. Ethereum also had $1.9 billion in funds withdrawn from exchanges. Overall, demand for Ethereum has slowed down in all aspects.