According to Glassnode Disclosure data, the rate of new capital inflows has continued to decline since reaching an all-time high of $73,000 in March 2024. Due to the peer-to-peer nature of the Bitcoin network, buyers and sellers are matched 1-to-1. Therefore, the realized profit, or realized loss metric can be used as a proxy measure of new capital inflows or outflows. According to this framework, the Bitcoin market currently has about $730 million of new capital inflows per day, which, while not small, is significantly lower than the March peak of $2.97 billion.