After BTC surges to $97,000, are short-term holders withdrawing?

【Bitpush】Bitcoin broke through $97,000 yesterday, but there’s an interesting phenomenon behind this rally. According to on-chain data analysis, over 40,000 bitcoins in a profitable state were transferred to exchanges during this rebound period.

What does this tell us? Short-term holders (STH) are taking profits. Although the price momentum looks good, this group clearly still has some doubts. They seem to still be digesting the previous correction, and confidence hasn’t fully recovered yet. From a psychological perspective, these traders need to see stronger upward momentum and more obvious market confirmation before they’re willing to continue holding. In other words, their unrealized profits aren’t substantial enough to make them ignore the urge to sell.

This reflects that although there are bulls driving prices higher in the market, retail investors’ risk appetite is still in a recovery phase, with everyone still in a wait-and-see and exploratory stage.