Just noticed: The US spot ETFs for Bitcoin have raised nearly $2.1 billion in just 8 days. That's impressive, but there's something interesting behind it that most are overlooking.

The price has risen from $68,000 to $77,000 — about 12 percent — and is perfectly following this ETF buying wave. BlackRock's IBIT has carried the lion's share. Overall, the cumulative inflows since launch are now at $58 billion, with assets under management over $100 billion. This is real, and the BTC spot ETF shows genuine demand.

But — and this is the exciting part — while new buyers are entering through ETFs, short-term holders are quietly selling. Bitcoin is currently approaching the average cost basis level of $80,100 for everyone who bought in the last 5 months. If it breaks through that, 54 percent of these buyers are in profit. And historically, exactly at this point, the same thing always happens: profit-taking, price decline.

The realized gains by short-term holders have already risen to $4.4 million per hour — three times higher than the level that preceded every local high. The BTC spot ETF setup is therefore interesting: institutional buyers meet retail sellers. Who wins at $80,000? That’s the key question for the next few days. The current price is at $81,000 — we are almost there. Let’s see if this breakout holds or if it’s sold again like every other local high in this cycle.