#数字资产市场动态 On-chain data has released an interesting signal: in the past 24 hours, 41,800 BTC have flowed into exchanges, with the profit-taking deposits reaching 41,800 BTC, while loss-making deposits only amounted to 1,800 BTC. What does this indicate? Short-term holders (investors who bought within the past 155 days) are starting to cash out their gains gradually.

Analyst Maartunn pointed out on social media that this wave of activity is mainly profit-taking. But there's a detail worth noting: the current Bitcoin price (@E5@) is actually still below the overall cost basis of short-term holders. In other words, although these investors are cashing in on profits, the entire group is still on paper in an unrealized loss.

Short-term holders are inherently sensitive to market sentiment and tend to be driven by short-term fluctuations. In contrast, long-term holders are the true market rhythm participants. This wave of profit-taking precisely shows that even when some profits are realized, short-term funds are still prone to taking profits when market sentiment swings. The real driving force behind the market is often not these frequent short-term traders, but the long-term trend and fundamental support of the entire ecosystem.