Bitcoin Holds Firm Amid ETF Inflows and STH Selling Pressure

Bitcoin has maintained its stability despite short-term holders cashing in their gains. The demand for Bitcoin exchange-traded funds (ETFs) has shifted, with a notable influx of $21.9 billion over the past 30 days, according to CryptoQuant.

The average price at which these ETFs were held is now around $72,000 to $73,000, indicating that they are in profit. The exchange-traded fund market value to realized value (ETF MVRV) ratio stands at approximately 1.07, with a reading above 1 suggesting unrealized gains.

However, CryptoQuant cautioned that the strength of this ETF figure should be viewed in context, noting that nearly 90% of the current net inflow came during the August 17-21 period when 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.

Additionally, short-term holder activity suggests possible profit-taking, with nearly 549,300 Bitcoins aged up to six months being transferred to exchanges since August 19. However, exchange inflows do not necessarily mean all tokens were sold, and profitability data indicates that short-term holders were predominantly realizing gains.