Glassnode said in its latest weekly newsletter that short-term Bitcoin holders, or STHs, which refer to wallet addresses that have held coins for less than 155 days, have surged to 82 percent of Bitcoin inflows to exchanges.
Much higher than the long-term range of the past 5 years (typically 55% to 65%). According to the report, most of the recent trading activity has been driven by whales active in the 2023 market (and thus classified as STH).