The interest in Bitcoin ETFs has been truly remarkable over the past few weeks. In eight days, $2 billion in capital flowed in, pushing total assets to $102 billion. But the interesting part here is: large amounts of money are entering through ETFs, while short-term investors are quietly exiting.

Bitcoin rose from $68,000 to $77,000 — a nice 12% move. But it is currently trading around $81,000, and a critical test around $80,100 is expected. Looking at Glassnode data, short-term investors' profit-taking has reached $4.4 million per hour. This is three times the $1.5 million threshold seen before every local peak since the beginning of the year. So, there is potential selling pressure.

Something truly critical is happening around this level. On one side, ETF demand is strong, while on the other, short-term investors are waiting to take profits. The funding rate in perpetual contracts remains negative, indicating the possibility of a short squeeze. But there was a similar pattern in March before the price peaked and then pulled back. Watching which side wins around the $80,000 level is really worth following.