The approval of Bitcoin ETFs on January 11, 2024, marks a pivotal moment in the cryptocurrency market. Unlike previous cycles where price surges led to increased exchange reserves as investors anticipated selling, current trends show a decline in reserves even as Bitcoin's price rises. This indicates a growing demand from institutional investors who are holding Bitcoin for the long term, facilitated by the introduction of ETFs. With Bitcoin's fixed supply and decreasing availability on exchanges, this scenario suggests the potential for a more sustained and significant price increase compared to past cycles, highlighting Bitcoin's evolving status as a scarce asset in institutional portfolios.