Bitcoin holds steady on positive ETF flows despite short-term holders cashing in

• The 30-day sum of Bitcoin ETFs net inflows reached $21.9 billion, with the cohort’s realized price sitting at $72,000-$73,000.
• Short-term holders have transferred 549,300 BTC to exchanges since August 19, although the data does not confirm how many were sold.
• A sustained move above $81,800 alongside continued STH profitability could strengthen the bullish signal.

Bitcoin's exchange-traded funds (ETF) demand regime has notably shifted, with 30-day net inflows reaching $21.9 billion, according to a Thursday post by CryptoQuant.

The data suggests that the average Bitcoin held through spot ETFs is now in profit, with the realized price of the ETF cohort standing at roughly $72,000 to $73,000. ETF MVRV, which compares the market value of holdings with their realized value, stood at roughly 1.07. A reading above 1 indicates that the cohort is sitting on unrealized gains.

“Price is back above the ETF cohort’s cost basis, while flows have turned strongly positive,” CryptoQuant wrote.

However, the firm cautioned that the strength of the 30-day ETF figure needs to be viewed in context. Nearly 90% of the current $21.9 billion net inflow came during the August 17-21 period as BTC climbed from the low-$60,000s toward $80,000.

“As those days roll out of the 30-day window, the headline number can fall sharply even without fresh selling,” CryptoQuant added.

Bitcoin holds steady despite rising exchange inflows from STHs

Although ETF flows have improved, short-term holder activity points to a possible hike in profit-taking. CryptoQuant contributor Axel Adler stated in a Thursday report that short-term holders have been transferring Bitcoin to exchanges since August 19, while their profitability remained above break-even prices.

From August 19 to date, the total number of Bitcoins aged up to six months that were transferred to exchanges reached 549,300 BTC. However, exchange inflows do not prove that all of these tokens were sold, noted Adler.

Exchange deposits are generally treated as potential selling activity, while the profitability data indicates that short-term holders were predominantly realizing gains.

Bitcoin nevertheless absorbed the selling pressure notably well. After reaching a local peak of $81,800, the top crypto pulled back only 4.1%, retaining most of its gains from the August rally.

The analyst noted that a sustained move above $81,800 alongside continued STH profitability would strengthen the bullish signal. On the other hand, rising exchange inflows combined with falling prices could indicate the market is becoming less able to absorb available supply.

BTC is trading at $77,100, down 2% in the past 24 hours at the time of writing.