Bitcoin Rally Weighed Down by Profit-Taking Activity

A significant increase in profit-taking activity is weighing on Bitcoin's rally, as short-term holders have transferred approximately 467,000 BTC worth around $35.4 billion to exchanges since August 17.

This shift comes as Bitcoin recently tested the $82,000 level and institutional demand through spot ETFs remains strong.

According to CryptoQuant, the share of profitable Bitcoin exchange inflows has risen sharply from 35% to 92% after August 20, indicating that most coins being transferred are being sold at a profit.

Daily exchange deposits remain above average, with short-term holders depositing around 27,500 BTC per day, about 29% higher than the previous three-month average.