In a recent report published by the cryptocurrency analysis platform CryptoQuant, a significant divergence in the Bitcoin market is highlighted. According to the analysis, internal demand for Bitcoin has decreased due to sales by both individual investors and large wallet holders, leading to a substantial mismatch between market sentiment and capital flows. The report noted that, despite the Fear and Greed Index fluctuating between 8 and 14, indicating "extreme fear," there was a net inflow of over $1 billion into spot Bitcoin ETFs in March. However, the Coinbase Premium Index, which reflects institutional demand in the U.S., remained in negative territory, indicating limited participation from American investors. Volatility caused by geopolitical tensions, especially regarding Iran, has led to a wait-and-see stance in the markets, suggesting that the sell-offs were not driven by panic but rather a gradual weakening of demand.