According to CryptoQuant data, reported by Golden Finance, most of the Bitcoin exchange inflows over the past month have come from short-term holders. Data shows that on September 12, addresses holding Bitcoin for less than three months accounted for over 92% of total exchange inflows. Over 83% of exchange inflows came from coins held for less than a week.

The amount of inflows from holders who have held their coins for over three months increased from 0.55% on September 11 to 7.59% on September 12, indicating that some long-term holders have also begun to take profits. While short-term traders have dominated inflows, the slight rise in long-term selling reflects increasing investor caution, who may be viewing the current price level as an opportunity to exit.