Bitcoin’s stock market inflows fell to a 10-year low after hitting an all-time high of $74,000.

Recent data shows that currency inflows have reached lows not seen in almost a decade. Onchain analytics platform CryptoQuant‘s data shows that daily BTC inflows have declined significantly since Bitcoin’s all-time high of $73,800.

What does the critical statistic in Bitcoin point to?

Bitcoin investors are not in the mood to keep cryptocurrencies ready for quick sale on exchanges. CryptoQuantApril and May 2024 saw the lowest daily inflows into major foreign exchange accounts in 10 years, according to the report. On April 20, when BTC/USD was at the levels at the time of writing, only 8,400 BTC moved to exchanges.

The last time such small transfers were observed was when Bitcoin was trading below $1,000. CryptoQuant tracks a large number of spot and derivatives exchanges to compile the data.

The figures reflect a significant shift in hodler sentiment this year as Bitcoin investing enters a new era of institutional engagement.

As Cointelegraph reported, despite short-term BTC price fluctuations (including last week’s test of $56,500), the growing risk appetite for BTC has continued.

Analyst warns once again about Bitcoin’s “whale watching”

Market observers continue to flag positive events linked to Bitcoin whale swarms.

CryptoQuantMignolet , who contributed to Quicktake “Whales in the 1 to 10k range, which typically provide significant downside volatility to the market, are not consistently participating in this current uptrend cycle,” he wrote in one of his research updates.

Mignolet refers to whale assets holding between 1,000 BTC and 10,000 BTC. An accompanying graph showed the spent output age ranges of on-chain transactions.

The post added that the whales “may not be willing to sell yet as the cycle is not over.”

“There may be demand outside the exchanges, especially in the OTC market, which has the capacity to absorb large sales volumes after ETF approval even without depositing money on exchanges,” Mignolet wrote.

But the data firm Glassnode‘s lead analyst Checkmatecommenting on the current market landscape, said that new spot Bitcoin exchange-traded funds are likely shaping the numbers.

“The data around these assets is notoriously noisy and I can almost guarantee that the big ‘whale’ wallets you’re watching are ETFs and exchanges,” he told his followers in part of a post on X.