Data disclosed by Glassnode shows that since reaching a historical high of $73,000 in March 2024, the speed of new capital inflow has been continuously declining. Because the Bitcoin network is peer-to-peer in nature, buyers and sellers are matched 1 to 1. Therefore, realized profit or loss indicators can be used as alternative measures for new capital inflows or outflows. According to this framework, currently about $730 million of new capital flows into the Bitcoin market every day. Although this is not small, it is significantly lower than the peak value of $29.7 billion in March.