On February 17, CryptoQuant analyst Darkfost analysis showed that although the bitcoin price fluctuated in the range of 90,000 to 105,000 dollars, the 30-day moving average (30DMA) showed a continuous net outflow phenomenon on the exchange, indicating that the accumulation trend is still continuing. The study notes that when an exchange inflow/outflow ratio falls below 1, it means that the net outflow of funds exceeds the inflow, which is seen as a bullish signal by professional investors. Historical data shows that bitcoin tends to see short-term gains when the ratio enters a "high demand zone". Analysts also cautioned that some of the outflows could stem from the transfer of conventional assets from centralized exchanges to custodial wallets such as ETFs, institutional investors, and over the counter platforms.