According to data disclosed by Glassnode, since reaching a historical high of $73,000 in March 2024, the speed of new capital inflows has continued to decline. As the Bitcoin network is peer-to-peer in nature, buyers and sellers are matched 1:1. Therefore, realized profit or loss indicators can be used as alternative indicators to measure new capital inflows or outflows. Based on this framework, the current Bitcoin market has approximately $730 million in new capital inflows per day, which, although not small, is significantly lower than the peak of $2.97 billion in March.