I just saw an interesting on-chain observation: when BTC surged to $75,000 yesterday, short-term holders massively transferred coins to exchanges. According to CryptoQuant data, over 65,000 BTC were transferred to exchanges within 24 hours, with about 61,000 of those coming from profit-taking liquidations. What does this mean? Basically, every time the price jumps up, these short-term players see it as an opportunity to sell, whether to take profits or cut losses—they just want to get out. It seems that short-term holders are now very sensitive to price fluctuations; as soon as there's a slight movement, they start acting. From this perspective, the short-term pressure is indeed significant, which also explains why each rebound tends to face selling pressure. Interestingly, this behavioral pattern keeps repeating, indicating that short-term market participants are still quite impatient.