PANews reported on April 29 that according to Decrypt, CryptoQuant data showed that the supply of Bitcoin exchanges fell to a seven-year low, falling to 2.488 million BTC last Friday. Exchange reserves are currently 2.492 million BTC, an increase of about 40,000 BTC over the weekend, but the level is still the lowest since October 2018. However, CoinShares reported that Bitcoin funds had inflows of $3.2 billion in the week ending April 28. The dual factors of declining exchange balances and increased capital inflows indicate that a new round of accumulation phase is coming. But in the past week's rally, retail investors seem to have played a greater role than in recent weeks. This is evident in the "exchange whale ratio", which has fallen from 0.512 on April 17 to 0.36 on April 27.