#数字资产市场动态 Yesterday's capital movements in the crypto market were quite interesting, reflecting a very typical stage-specific characteristic.

Let's first look at the selling pressure. $BTC spot ETF experienced a net outflow of $170 million in a single day, followed by $ETH with a net outflow of $52.8 million. Mainstream asset ETFs have indeed been shrinking recently. This indicates that some short-term funds are leaving the market, possibly on the sidelines or waiting for more definitive signals.

But what's interesting is that long-term on-chain holdings are actually increasing. The number of long-term BTC holders has surpassed 14.08 million, with a net increase of 30,000 in a single day—these investors haven't been shaken by short-term volatility; instead, they are continuing to accumulate. This contrast really highlights the underlying dynamics.

The accumulation of tokens on exchanges is also worth noting. BTC balances on exchanges have reached 2.497 million coins (an increase of 20,000), and ETH is even more dramatic, increasing by 142,000 to 12.843 million. This suggests that many are transferring coins to exchanges with the clear intention of short-term profit-taking. However, long-term players are still holding what they need to.

From a cost perspective, the average cost basis for short-term BTC holders is still just above $100,000, which provides significant support and reference value for the current price. The stablecoin yield remains around 4.27%, indicating a stable financial environment.

In summary: short-term capital faces pressure, but the strength of long-term positioning continues to accumulate. The distribution of tokens and cost structures are becoming clearer, and it feels like the market is waiting for a confirmation of a certain direction.