Data shows that $BTC Fund to All Exchange Reserve Ratio has declined significantly recently, currently around -0.69.

From an on-chain perspective, this reflects that the share of capital flow from wallets/funds relative to exchange reserves is weakening. In other words, institutional flows or large-wallet activity have not shown a clear expansion again.

The notable point is that this decline is happening while $BTC price remains weak around the $60K–$61K range. This suggests that the market has not yet seen a strong signal of large capital returning to support the trend.

However, this may also reflect a phase where funds are becoming more cautious, reducing capital rotation activity, or waiting for a clearer price structure before increasing exposure.

Written by Rei Researcher