With the recent wave of meme scams and macroeconomic uncertainty, speculative enthusiasm in the crypto market is fading, and investors are turning to safer digital asset investments. According to Glassnode data, the Bitcoin "hot supply" indicator, which measures bitcoins held for a week or less, has fallen by more than 50%, from 5.9% at the end of November to just 2.3% on March 20. Ryan Lee, principal analyst at Bitget Research, said the decline in the indicator indicates that investors have shifted to a safer investment positioning amid recent market volatility