Recently, a fascinating phenomenon has emerged in the Bitcoin market—data and price trends are conflicting.

Over the past day, more than 2,500 Bitcoins have flowed into exchanges. According to the usual logic, this should mean a sell-off, and prices should plummet. But what happened? Bitcoin held steady above $89,000 and even rallied. At first glance, it seems strange, but after digging into the data, you realize this isn't a system glitch; it's a fundamental restructuring of the market ecosystem.

**Surface Phenomenon vs. True Logic**

People often say that an influx of coins into exchanges = a sell-off. This logic isn't entirely wrong; the key is to see who is selling.

Retail investors are losing enthusiasm: Google search interest has plummeted to a low point, small transaction counts have dropped by 66%, and most retail investors are feeling discouraged—market sentiment is at a cyclical low.

But on the institutional side, it's a different story. In just a few months into 2025, Bitcoin spot ETFs have attracted over $25 billion. Major players like BlackRock are continuously increasing their positions.

So, this isn't panic selling; it's a "major repositioning"—funds are systematically shifting from emotionally driven retail investors to institutions focused on long-term allocation.

**Market Rules Are Being Rewritten**

The core logic of the cryptocurrency market is undergoing a dramatic transformation. Previously, retail sentiment was the main driver—buying on hype and selling on fear. Now, institutional power is reshaping the entire ecosystem. This isn't just about the size of capital; it's a paradigm shift in the entire market cycle.