Bitcoin's monthly average inflow-to-outflow ratio on exchanges has declined to 0.97, indicating a market phase dominated by outflows that favors accumulation. CryptoQuant analyst Darkfost identifies this downward trend as a positive signal for long-term holding dynamics. The sustained drop in the ratio suggests investors are increasingly moving BTC off exchanges into self-custody. This behavior typically reflects a preference for long-term holding over active trading, reducing immediate sell-side supply on centralized platforms.