According to CoinMeta, as reported by Glassnode, the spot trading volume of BTC has dropped to its lowest level since data was available in 2019. The current price is trapped between a median price of $63,000 and the cost level for short-term holders at $68,700. The current seller exhaustion indicators are approaching the bottom regions seen during previous bear markets, but the inflow of funds into ETF remains limited. Overall, exchanges continue to see net inflows into BTC, indicating that true spot demand has not yet returned. Meanwhile, Hyperliquid whales have maintained a net long position since mid-March, and the open interest in futures has exceeded the daily trading volume. With weakening buying interest and high leverage, if the price falls below $58,500, there could be a magnified decline in the market.