According to ChainCatcher, analyst Darkfost, based on on-chain metrics, stated that despite Bitcoin's strong short-term rebound above $97,000, short-term holders (STH) appear to be more inclined to take profits.
During Bitcoin's breakout above $97,000 yesterday, over 40,000 Bitcoins in profit-taking positions were sent to CEXs. Darkfost suggests that STH is clearly still affected by the recent correction and seems to need more upside and stronger confirmation to rebuild confidence and generate enough unrealized profits to encourage holders to hold rather than sell.
