According to CoinMeta, analyst Joao Wedson pointed out that a metric that has recently caught his attention is the exchange liquidity balance (in US dollars). This metric measures the cumulative balance of Bitcoin flowing in and out of exchanges, converted into US dollars. When the balance is positive, it indicates that more funds are flowing into the exchanges; when the balance is negative, it indicates that more funds are flowing out. Notably, this metric turned negative around the historical high of Bitcoin in October 2025, but Bitcoin continued to decline thereafter. Currently, the balance has reached a negative value of approximately $26.7 billion. This highlights an important issue: the fact that Bitcoin is leaving exchanges does not necessarily mean increased buying pressure or rising prices; there may be structural changes in the ways Bitcoin is held and traded in the market.