ETF Demand Keeps Bitcoin Strong Despite Profit-Taking

Bitcoin's exchange-traded funds (ETF) have seen significant demand in recent weeks, with a 30-day net inflow of $21.9 billion, according to CryptoQuant.

The realized price of the ETF cohort is sitting at around $72,000-$73,000, indicating that the average Bitcoin held through spot ETFs is now in profit.

However, despite this positive trend, short-term holders have been transferring 549,300 BTC to exchanges since August 19, although it's unclear how many of these tokens were sold.

CryptoQuant contributor Axel Adler noted that exchange inflows do not necessarily mean all the tokens were sold, and that profitability data suggests short-term holders were predominantly realizing gains.

Bitcoin has absorbed the selling pressure well, pulling back only 4.1% after reaching a local peak of $81,800, and retaining most of its gains from the August rally.