BTC did something big this quarter: it rallied from below 63,000 in August all the way up to nearly 87,000. The quarter gained 44%, wiping out the red figures from the previous three consecutive quarters.
When things go up a lot, people naturally start selling, and on-chain data confirms it. According to Bitfinex, over a recent period, BTC holders cashed out about $2.4 billion in profits. Sounds like a lot, right? But compared with historical market tops—when a bull market tops out, the realized profit in a single day can reach $7 to $10 billion—this amount is not even a fraction.
My take is simple: long-time players are gradually getting off the train, not panicking and smashing the order book with the brakes. Selling slowly is actually the healthiest posture for a bull market.
The buy-side is even more worth watching: ETFs saw net inflows for six straight days totaling $2.84 billion, absorbing the entire $2.4 billion that holders cashed out. For ETH, over the past month, 410,000 coins were withdrawn from exchanges, and over four trading days, spot ETFs pulled in another $680 million. Liquidity is moving from exchanges toward long-term wallets and institutions—at least this structure looks good in the short term.
With BTC sitting at the 84–85k level, do you think this is “a slow bull market just getting started,” or “a rally-for-distribution warning”? Let’s talk in the comments 👀
$BTC $ETH #链上数据 #Market Structure
Not investment advice. DYOR. Trading involves risk.
When things go up a lot, people naturally start selling, and on-chain data confirms it. According to Bitfinex, over a recent period, BTC holders cashed out about $2.4 billion in profits. Sounds like a lot, right? But compared with historical market tops—when a bull market tops out, the realized profit in a single day can reach $7 to $10 billion—this amount is not even a fraction.
My take is simple: long-time players are gradually getting off the train, not panicking and smashing the order book with the brakes. Selling slowly is actually the healthiest posture for a bull market.
The buy-side is even more worth watching: ETFs saw net inflows for six straight days totaling $2.84 billion, absorbing the entire $2.4 billion that holders cashed out. For ETH, over the past month, 410,000 coins were withdrawn from exchanges, and over four trading days, spot ETFs pulled in another $680 million. Liquidity is moving from exchanges toward long-term wallets and institutions—at least this structure looks good in the short term.
With BTC sitting at the 84–85k level, do you think this is “a slow bull market just getting started,” or “a rally-for-distribution warning”? Let’s talk in the comments 👀
$BTC $ETH #链上数据 #Market Structure
Not investment advice. DYOR. Trading involves risk.