According to analysts, the majority of inflows in Q1 were from corporate players purchasing Bitcoin. Primarily, this refers to Strategy and crypto venture funds. At the same time, retail and institutional investor activity was weak or even negative. Analysts highlighted that there was an outflow of funds from spot ETFs on Bitcoin and Ethereum. This trend was especially evident in January, although there was a partial inflow into funds based on the first cryptocurrency in March. The decline in activity also affected CME futures markets, indicating a weakening of institutional demand through derivative instruments, experts say. An additional factor was sales by miners. Some public companies sold Bitcoin or used it as collateral to increase liquidity and finance capital expenditures. Some of these expenses also included investments in artificial intelligence infrastructure.