The second data point is also one that I personally like, which is the exchange inventory data. This data is more about the purchasing power of investors and their judgment of the market in the future. It is evident that the Bitcoin inventory on exchanges has not changed significantly in the past month; instead, it has maintained a state of fluctuation.

The lack of a significant increase in inventory indicates that, at least for now, there are not many investors ready to sell their BTC. Otherwise, the number of BTC on exchanges should show a trend of accumulation (increase), but in reality, there has not been any accumulation so far.

On the other hand, the exchange inventory has not started to decrease significantly as it did in October. This indicates that the purchasing sentiment and purchasing power of investors are not strong, and investors do not have a strong expectation of profits after buying.

Therefore, this data is somewhat similar to the previous data on open contracts, reflecting that investors are quite confused about the short-term price trend of $BTC and are still speculating on the possible direction that may emerge next.

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