Ki Young Ju, CEO of CryptoQuant, highlighted a significant decrease in Bitcoin transfers from spot exchanges to futures exchanges. This trend suggests that large holders, or whales, are not actively using Bitcoin as collateral for new long positions. Despite a recent price drop, leverage ratios remain elevated. Ju also noted that the average cost per Bitcoin wallet is approximately $55,900, with holders enjoying a 93% profit margin, while on-chain fund inflows continue to be robust.