Analyst: Short-term holders accumulate 549,000 BTC after a short squeeze, but Bitcoin still retains most of its gains

TechFlow reports that on September 10, CryptoQuant analyst Axel Adler Jr. posted that between August 19 and September 10, short-term Bitcoin holders with positions of no more than six months transferred a total of 549,300 BTC to exchanges. During the same period, Bitcoin's price rose from $64,000 to $78,000, a gain of approximately 21%; after touching a local high of $81,800, it retreated by about 4.1% but retained most of its gains.

He noted that the short-term holder SOPR metric has been above 1 for 22 consecutive days, indicating that this group is generally in a profit-taking phase. As of September 10, the metric stood at 1.0104, below the previous peak of 1.0451, but still above the breakeven line.

He believes that if Bitcoin continues to break through $81,800 and short-term holder profitability remains above breakeven, it will signal further market improvement; the primary risk lies in increased exchange inflows accompanied by continued price weakness, which may indicate the market's declining ability to absorb potential supply.