Bitcoin Holds Firm Amid ETF Flows and Short-Term Holder Selling
Bitcoin has maintained its price level despite increased exchange inflows from short-term holders. According to CryptoQuant, the average Bitcoin held through spot ETFs is now in profit, with a realized price of around $72,000 to $73,000.
The ETF MVRV, which compares market value with realized value, stood at 1.07. This indicates that the cohort is sitting on unrealized gains.
However, CryptoQuant cautioned that the strength of the 30-day ETF figure needs to be viewed in context. Nearly 90% of the $21.9 billion net inflow came during August 17-21 as BTC climbed from the low-$60,000s toward $80,000.
CryptoQuant contributor Axel Adler noted 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 transferred to exchanges reached 549,300 BTC.