On-chain metrics show short-term Bitcoin holders rushed to exchanges during the recent price pop, depositing a massive amount of BTC and putting noticeable selling pressure on the rally.
According to CryptoQuant community analyst Maartunn on X, Bitcoin “short-term holders” (STHs) — defined as addresses that bought their coins within the last 155 days — significantly increased exchange inflows as prices climbed. A chart shared by Maartunn shows the 24-hour sum of STH exchange deposits spiking as BTC pushed toward the $76,000 area.
During that surge, STH deposits reached roughly 61,000 BTC (about $4.5 billion at current levels), the highest STH inflow tally since the panic selling seen in early February. While February’s spike followed a sharp market crash and looked like panic exits, this latest wave appears more consistent with profit-taking from newer entrants who used the rally as an opportunity to sell.
CryptoQuant also flagged a surge in overall exchange inflows during the same period — roughly 11,000 BTC per hour — the largest hourly inflow since December and higher than peaks from earlier this year’s crash. That suggests STHs weren’t the only cohort moving to exchanges to realize gains.
The increase in deposit activity coincided with a stall in BTC’s upside momentum, implying selling was strong enough to blunt the rally, though the asset has not decisively reversed course. At the time of writing, Bitcoin trades around $74,400, up more than 4% over the past week.
Market watchers will likely keep an eye on continued exchange inflows and STH behavior: sustained deposits could prolong selling pressure, while a return of coins to cold storage would signal renewed conviction among holders.
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