Analyst: During Bitcoin's breakout above $97,000, over 40,000 profitable Bitcoins were transferred to CEX

Analyst Darkfost, combining on-chain indicator information, stated that despite the strong short-term rebound of Bitcoin breaking through $97,000, short-term holders (STH) seem more inclined to take profits.

During the Bitcoin surge past $97,000 yesterday, over 40,000 Bitcoins that were in profit were sent to CEX. Darkfost noted that STHs are clearly still affected by the recent adjustments and seem to need more upward space and stronger confirmations to rebuild confidence and generate sufficient unrealized profits, which would encourage them to hold rather than sell.