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Yesterday's market data was quite interesting. BTC ETFs continued to outflow, with a net outflow of $340 million in a single day, and ETH ETFs were no exception, with outflows of $72 million. The story on the chain is clearer — long-term holders remained at around 14.1 million, but the exchange-held BTC balance is slowly decreasing, with an average daily decline of 40,000 coins, indicating that someone is gradually accumulating. In contrast, ETH on exchanges is actually increasing, with a daily addition of 117,000 coins, signaling clear selling pressure.
What about the cost basis? Short-term BTC holders have an average cost basis of $100,190, and the annualized yield on USDT staking is 4.40%. Overall, funds are flowing out, but the supply side of BTC remains relatively tight, while ETH faces even greater pressure. At this stage, the market is clearly playing defense, and participants are a bit cautious.
BTC is absorbing funds, while ETH is dumping, and the difference is quite significant.
Capital outflows combined with changes in exchange reserves suggest everyone is waiting for a signal.
The cost basis at 10.019 million is interesting; short-term holders must be feeling pretty uncomfortable.
This is what a defensive phase looks like—anyone who dares to move will lose.
An annualized USDT yield of 4.4% is not enough; relying on this return is better to just HODL.
The pressure on ETH is indeed greater than on BTC; data doesn't lie.
Absorbing funds vs. dumping, this comparison hits hard.
Gradually reducing 0.4 million BTC—someone is playing chess.
The number of coins on exchanges is decreasing, which is a signal. It's just that ETH is still aggressively selling off.
Wait, short-term holders' cost basis is only 100,000? How much is it now? How to profit from this spread?
Who would dare to move during the defensive phase? I want to buy the dip but have no confidence.
Tight BTC supply is a good thing; just worried it might be misleading data.
Wait, is the BTC exchange balance decreasing? Is someone secretly accumulating? I feel like this is a precursor to a contrarian indicator. Once we all get on board, it will be cut in half.
ETH daily increase of 117,000 coins, with such strong selling pressure, this rhythm doesn't feel right...