35,400 BTC flowed into exchanges, reaching a two-month high, with profit-taking activity far exceeding panic selling

【BlockBeats】In the past 24 hours, an interesting phenomenon has emerged in on-chain data — approximately 35,400 Bitcoin in profit has flowed into exchanges, marking the highest single-day inflow in nearly two months. In contrast, the outflow of loss-making coins has been quite subdued, with only about 4,600 leaving the market. This results in a profit-to-loss outflow ratio of 7.5:1.

In simple terms, the current market pressure mainly comes from profit-taking rather than panic selling. What does this reflect? Investors who have positioned themselves between $85,000 and $92,000 are seizing the opportunity as prices approach their cost basis to lock in gains. They are making profits and cashing out in an orderly manner — this kind of pressure is fundamentally different from the panic-driven liquidation of loss positions.

From the on-chain chart, the overall market loss rate has narrowed to a historic low. It is precisely against this backdrop that profit-taking activity has become more active. In other words, the price is testing the cost basis zone while facing high supply pressure from profitable positions — a healthy process of profit realization.

However, there is a noteworthy turning point: once the profit/loss ratio reverses, meaning loss-driven selling begins to dominate, the bearish scenario could intensify further. But in fact, such a reversal is not necessarily imminent. Current data indicates that the market is still in a relatively controlled adjustment phase.