$BTC The inflow of capital into Bitcoin has dried up.

CryptoQuant CEO writes that liquidity channels are now much more diversified, so timing the inflows is now pointless.

Institutions with a long-term horizon have broken the old model of "whales sell - the crowd buys." Strategy is unlikely to sell a significant part of their 673k BTC.

Money has flowed into stocks and precious metals. A crash of -50%+ from ATH, as in previous cycles, is unlikely – we are probably looking at several months of boring sideways movement ahead.