Bitcoin STHs Deposit $5.7B to Exchanges Amid Profit-Taking

Recent data indicates that Bitcoin short-term holders (STHs) have made significant deposits to exchanges, suggesting potential profit-taking amid the cryptocurrency's rally.

Key Points

STHs are Bitcoin investors who have acquired their coins within the last 155 days.
These holders have historically been quick to sell during volatile periods.
Bitcoin's price recently surged past $122,000.
The latest trend shows a substantial increase in exchange inflows from STHs, totaling 46,276 BTC ($5.7 billion) in one day.
This spike in deposits is among the largest recorded recently and primarily comprises profit-driven transactions.
The behavior of long-term holders contrasts with STHs as they generally hold through volatility.

The market will now observe whether the demand can absorb this selling pressure or if it will hinder the ongoing Bitcoin rally.

Current Price

As of the latest update, Bitcoin is trading at approximately $122,700, reflecting an 11% increase over the past week.