What happened in the last 24 hours? Short-term holders transferred 41,800 BTC to exchanges, equivalent to about $4 billion. That’s quite a significant number.

To understand what this means, we need to first talk about the indicator STH P&L to Exchanges Sum 24H. It tracks the transfer of BTC that are in an unrealized profit or loss state into exchanges — focusing on on-chain transfer records rather than the final trading outcomes. In other words, it tells us about the movements of short-term holders, but it doesn’t directly indicate whether they have actually sold.

However, there is a key logic here: transferring coins to exchanges is usually a prelude to selling. So, these 41,800 BTC transfers may already have been partially sold, while the rest are waiting on the exchange for the right price or timing. This behavior reflects short-term investors’ attitudes toward taking profits or responding to market changes.