Bitcoin Rally Loses Steam as Short-Term Holders Send 61,000 BTC to Exchanges

Bitcoin's latest rebound is running into fresh selling pressure, with on-chain indicators showing a surge in deposits to centralized exchanges from short-term holders. CryptoQuant community analyst Maartunn said on X that investors who bought BTC within the past 155 days—the cohort commonly labeled "short-term holders" (STHs)—stepped up exchange transfers as prices pushed higher. The 24-hour total of STH exchange inflows spiked sharply during Bitcoin's move toward the $76,000 area, pointing to sizable amounts being moved onto trading venues. Exchange deposits are often associated with sell-side intent, and the recent burst underscores heightened distribution. Maartunn noted STH inflows reached 61,000 BTC, valued at nearly $4.5 billion at current rates, marking the highest level since the early-February selloff. Unlike February's deposits, which followed a broad crypto drawdown and reflected panic selling, the latest jump is more consistent with profit-taking. Broader exchange flow metrics also strengthened. CryptoQuant reported total deposit activity climbed to about 11,000 BTC per hour during the rally, the biggest hourly spike since December and above the peak seen during this year's price-crash period. The data suggests selling interest extended beyond short-term holders. After the rise in exchange deposits, Bitcoin's rally stalled, indicating sell pressure has been sufficient to offset bullish momentum. The price has not yet definitively turned lower, leaving the next directional move dependent on how flows evolve in the coming days. At last check, Bitcoin traded near $74,400, up more than 4% over the past week.