Early this morning, another 2,000 cbBTC transferred into Coinbase. This position, which was bottomed out two months ago, is basically wrapping up. Based on the disclosed cost and average price, this round has already realized approximately $5.37 million in unrealized gains, and the move itself seems more like profit-taking. For $BTC , in the short term, they will pay more attention to inflows into exchanges, and the market will also be more sensitive to whether there is follow-up selling pressure.