10x Research released a report saying that currently, Bitcoin is near the top of its range and faces the challenge of breaking through the all-time high. This can be attributed to the Bitcoin halving event on April 20. After the halving, the minting of stablecoins slowed down significantly, and the number of wallets holding more than $10 million stablecoins decreased. This trend is currently hindering Bitcoin from breaking through the all-time high. In the past month, a large number of bitcoins (worth $6.75 billion) were withdrawn from trading platforms (97,000 BTC down, nearly 100,000 BTC down). This record flow was primarily driven by two US-focused trading platforms, Kraken (55,000 BTC down, or $3.80 billion down) and Coinbase (24,000 BTC down, or $1.70 billion down).