Bitcoin’s latest recovery is encountering increased profit-taking activity as short-term holders have transferred approximately 467,000 BTC, worth about $35.4 billion, to exchanges since August 17.

The shift comes as Bitcoin recently tested the $82,000 level while institutional demand through spot ETFs remains strong.

Bitcoin climbed roughly 4% over the course of September 3–4 before pulling back. At the time of writing, the cryptocurrency was trading around $79,673, reflecting a 0.41% drop over the past 24 hours.

Key Takeaways

• Short-term holders have sent approximately 467,000 BTC worth $35.4 billion to exchanges since August 17.
• The share of profitable Bitcoin exchange inflows increased from 35% to 92% after August 20.
• Short-term holders are currently depositing around 27,500 BTC per day, about 29% above the previous three-month average.
• Bitcoin ETF demand remains a counterweight, with approximately $730 million flowing into spot Bitcoin ETFs during the latest trading session.

Bitcoin Tests $82,000 as Selling Activity Changes

Bitcoin’s recent move higher has brought the cryptocurrency back toward levels last seen earlier in the year. The asset tested $82,000 between September 3 and 4 before giving up part of the advance.

The move occurred alongside a significant increase in demand for U.S.-listed spot Bitcoin ETFs. The products attracted approximately $730 million during the previous trading session, according to the market data cited in recent coverage.

However, the on-chain picture suggests that the rally is also giving some investors an opportunity to lock in profits.

CryptoQuant said short-term holders have moved from a period of capitulation toward profit-taking as Bitcoin recovered from its recent weakness.

“Bitcoin Short-Term Holders (STH) flipped from Capitulation to Profit-Taking. Since August 17, Short-Term Holders sent ~467K BTC ($35.4B) to exchanges. The key shift: profitable coins now dominate these flows.”

The distinction is important because exchange deposits can reflect different market conditions depending on whether the coins are being transferred at a profit or a loss.

Profitable Exchange Inflows Rise Sharply

CryptoQuant’s data shows a substantial change in the profitability of Bitcoin entering exchanges.

When Bitcoin was trading below the short-term holder realized price, only around 35% of exchange inflows were in profit. Since August 20, that proportion has climbed to approximately 92%.

This suggests that the current wave of exchange transfers is being driven predominantly by holders who acquired Bitcoin at lower prices and are now sitting on unrealized gains.

The shift followed Bitcoin’s recovery above the short-term holder realized price of approximately $67,600. CryptoQuant said the cost basis for this group subsequently increased to around $70,600 within 15 days.

As newer market participants entered at progressively higher prices, their unrealized gains increased alongside Bitcoin’s recovery.

Daily Bitcoin Deposits Remain Above Average

The increase in profit-taking is also reflected in daily exchange activity.

CryptoQuant estimates that short-term holders are currently sending approximately 27,500 BTC to exchanges each day, representing around $2.2 billion based on the firm’s calculations.

That daily flow is approximately 29% higher than the previous three-month average, indicating that short-term holder activity has become more pronounced during the recovery.

Despite the elevated deposits, Bitcoin has continued to trade at higher levels. This suggests that demand has so far been sufficient to absorb much of the Bitcoin being transferred toward exchanges.

CryptoQuant also placed the short-term holder MVRV ratio at 1.15, meaning the average investor within this group has an estimated unrealized profit of about 15%. Historically, the firm has observed that readings above 1.19 have accompanied more durable rallies, while levels below 1.12 have tended to coincide with shorter-lived moves.

ETF Demand Provides a Counterweight

The increase in short-term holder selling is occurring alongside strong demand from spot Bitcoin ETFs.

The approximately $730 million recorded during the latest trading session represents a significant inflow and provides an important source of demand while other market participants are realizing gains.

This creates a contrasting flow pattern.

Short-term holders are moving profitable Bitcoin toward exchanges, potentially increasing available supply, while ETF investors are directing fresh capital into Bitcoin exposure.

The ability of demand to absorb these coins has so far allowed the market to maintain its recovery.

What to Watch Next as Profit-Taking Increases

The key question is whether Bitcoin can continue absorbing elevated exchange deposits if short-term holders maintain their current pace of profit-taking.

The latest CryptoQuant data does not establish that the rally has ended. Instead, it shows that the character of selling has changed from capitulation toward profit realization.

Investors will likely watch short-term holder exchange flows, the $70,600 realized-price level, and continued ETF demand for indications of how the balance between available supply and new buying develops.

Since the start of September, the cryptocurrency market has once again been influenced by macroeconomic news from the Federal Reserve.

On Sep. 3, Federal Reserve Governor Christopher Waller stated that he favors maintaining current interest rates rather than immediately raising them further. This stance alleviated market concerns regarding a potential September rate hike and boosted Bitcoin and other major crypto assets, with XRP briefly rebounding to around $1.45.

Waller’s comments drew market attention because interest rate expectations have long been a key factor influencing digital assets. A pause in rate hikes could ease upward pressure on the US dollar and Treasury yields, further heightening investor interest in digital assets, including cryptocurrencies.

Why is XRP back in the spotlight?

Amid shifting expectations regarding Fed policy, XRP has returned to investors’ radar. Recent market data shows XRP rebounding to approximately $1.45 in early September, posting a gain of about 5% over the past week and a cumulative rise of roughly 37% over the last month. Meanwhile, continued inflows into XRP spot ETFs have further intensified focus on institutional participation.

From a technical perspective, the $1.35–$1.38 range remains a critical support zone. If XRP can hold above this level and break through recent resistance, it could challenge higher price points.

Many traders and analysts are now watching to see if XRP can retest the $1.70 level and move closer to $2.00. For investors concerned that XRP might not break the $2.00 mark in the short term, a practical question arises: rather than simply waiting for price appreciation, are there more flexible ways to utilize their digital assets and explore opportunities for additional long-term returns?

Against this backdrop, an increasing number of XRP holders are shifting their investment strategies toward the EX DeFi cloud mining platform, seeking a more stable path for asset growth that is insulated from cryptocurrency market volatility.

Why might Fed policy impact XRP?

The cryptocurrency market is highly sensitive to changes in interest rates. When the market anticipates further interest rate hikes, capital typically gravitates toward traditional assets offering higher yields and relatively lower risk; conversely, when expectations for rate hikes subside, some capital may seek opportunities in risk assets such as stocks and digital assets.

In a speech on Sep. 3, Waller noted signs that recent inflation data has begun to cool. If this trend persists, he favors maintaining current interest rate levels. This statement alleviated some traders’ concerns regarding further rate hikes and drove simultaneous gains in both stock and cryptocurrency markets that day.

For XRP, Federal Reserve policy is just one factor influencing its price. ETF inflows, regulatory developments, and market expectations regarding XRP’s long-term utility are also key drivers of its price appreciation.

XRP holders are seeking additional ways to grow their asset value

As XRP price volatility increases, some holders are exploring ways to engage with digital assets beyond simple holding and trading.

The EX DeFi cloud mining platform focuses on digital asset mining via cloud-based computing power. It allows users to participate without purchasing or maintaining specialized mining hardware and enables account management via mobile phones—a streamlined approach that is attracting growing interest from investors.

Key features of the platform include:

New user experience: Receive $17 worth of trial computing power upon registration.

No specialized hardware required: Users manage cloud computing power via mobile phones, eliminating the need to deploy specialized equipment like ASICs.

Security and compliance: The platform adheres to international security standards—including McAfee®, Cloudflare®, and 2FA verification—and utilizes cold wallet isolation to enhance fund security.

Affiliate rewards program: Users can earn affiliate rewards of up to 5% by inviting friends.

Green energy philosophy: Mining operations utilize green energy infrastructure to minimize the environmental impact of energy consumption.

Support for multiple digital assets: The platform supports a wide range of mainstream digital assets, including XRP, BTC, ETH, USDT, USDC, BNB, DOGE, LTC, and SOL.

About EX DeFi

Founded in 2021, EX DeFi is a platform specializing in cloud mining and digital asset-related services. It currently provides fully automated cloud mining solutions to over 2 million users across more than 180 countries and regions worldwide. 

The platform’s core philosophy is to lower the hardware and technical barriers associated with traditional mining, allowing users to participate in cloud mining services online without the need to purchase their own mining rigs.

How do you get started with EX DeFi?

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Create an account using your email address on the official EX DeFi platform. Upon registration, you will receive a $17 trial credit.

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Investment: $10,000 | Duration: 30 days | Daily return: $161 | Total profit: $10,000 + $4,830

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What to watch for in the future?

As we enter September, the market environment for XRP is shifting. XRP ETF capital flows and developments regarding US regulatory policies in mid-September could serve as significant catalysts influencing XRP’s price. With improvements across the macroeconomic landscape, capital inflows, and regulatory expectations, XRP is poised for further upside potential.

For XRP holders, beyond monitoring price fluctuations, there are also opportunities to explore additional ways to generate returns on digital assets. EX DeFi Cloud Mining offers users an alternative way to participate in digital asset returns, helping them further grow their assets.

What are you waiting for? Visit https://exdefi.com/ today and put your digital assets to work generating passive income.

Poland’s lawmakers have again fallen short of the supermajority required to overturn President Karol Nawrocki’s veto of a bill intended to tighten crypto oversight. On Friday, the Sejm voted 241-198 to override the veto, but with three abstentions the measure missed the 266 votes needed by 25—marking yet another failed push to set a national framework for applying the EU’s Markets in Crypto-Assets Regulation (MiCA).

The renewed vote comes as Poland grapples with fallout from the Zondacrypto scandal. The case has widened amid bankruptcy proceedings against Zondacrypto’s Estonian operator and references by Prime Minister Donald Tusk to testimony alleging improper attempts to influence political figures.

Key takeaways

• The Sejm’s override attempt failed 25 votes short of the 266 needed for passage, leaving Nawrocki’s veto in place.
• The bill would have assigned crypto market supervision to Poland’s Financial Supervision Authority (KNF) as MiCA applies across the EU.
• KNF has said Poland still lacks a designated authority responsible for supervising cryptoassets, despite MiCA already taking effect in the EU.
• Meanwhile, prosecutors are investigating alleged fraud and money laundering tied to Zondacrypto, with losses previously estimated at no less than 350 million PLN.
• Zondacrypto’s operator, BB Trade Estonia, was declared bankrupt by an Estonian court, according to the public notice released in August.

A veto override misses the threshold again

Friday’s parliamentary vote was the latest attempt to advance Poland’s crypto regulatory plan after Nawrocki vetoed related legislation three times, arguing the rules would overregulate the industry. The president has said he supports regulating crypto but believes the bill’s approach goes too far, including concerns about compliance costs and the authorities’ ability to block websites.

In the Sejm’s vote, lawmakers backed the override 241-198, with three abstentions. The constitutional requirement of a three-fifths majority was therefore not met, preventing the bill from moving forward despite parliamentary support.

For market participants, the repeated vetoes underline a central uncertainty: while MiCA is the EU-wide backbone, domestic legislation is still needed to determine who will supervise crypto activity and enforce the rules in practice. Without that clarity, firms may face continued regulatory ambiguity around licensing, oversight procedures, and enforcement coordination.

Poland still has no designated crypto supervisor under MiCA

At the heart of the dispute is how MiCA should be implemented in Poland. The vetoed legislation aimed to establish Poland’s national framework for applying MiCA, including placing oversight of the crypto market under the Polish Financial Supervision Authority (KNF).

KNF said Friday that Poland still lacks a designated authority responsible for supervising the cryptoasset market, despite MiCA already applying across the European Union. The statement is significant because MiCA’s effectiveness for businesses depends not only on EU-level rules but also on national enforcement structures and supervisory responsibilities.

Nawrocki’s position contrasts with the urgency emphasized by regulators and government stakeholders. While the president does not oppose crypto oversight outright, his vetoes repeatedly cite concerns that the proposed Polish framework would impose excessive burdens or grant powers he views as too broad.

Investors and crypto firms watching Poland should pay attention to how this supervisory gap is handled in the absence of an operational national regime. The longer Poland remains without a designated supervisor, the more likely it becomes that compliance and enforcement decisions could be delayed or fragmented compared with other EU member states that have already implemented their supervisory arrangements.

Zondacrypto investigation expands as operator heads to bankruptcy

Friday’s parliamentary vote took place against the backdrop of a deepening criminal investigation linked to the failed crypto exchange Zondacrypto. Prime Minister Donald Tusk disclosed excerpts from what he described as testimony from a key witness, alleging payments and attempts to influence politicians connected to Poland’s previous government.

Tusk said the witness alleged a 2 million Polish zloty ($550,000) payment arrangement involving a foundation linked to former Justice Minister Zbigniew Ziobro. In separate testimony cited by Tusk, the witness alleged an unnamed person promised to secure a presidential pardon if the witness were convicted.

Polish prosecutors are investigating suspected fraud and money laundering connected to Zondacrypto. Earlier in the process, prosecutors merged the Zondacrypto case with a probe into the 2022 disappearance of Sylwester Suszek, founder of BitBay, which was later renamed Zondacrypto.

Prosecutors in April estimated that losses linked to Zondacrypto were no less than 350 million PLN ($95 million). Such figures are likely to keep pressure on policymakers to strengthen oversight and enforcement mechanisms—particularly around exchanges and custody-related risks.

In parallel with the criminal investigations, the exchange’s operator, BB Trade Estonia, has been pushed toward formal insolvency. An Estonian court declared the company bankrupt in August, with the first creditors’ meeting scheduled for Sept. 17, according to a public notice.

For users and creditors, bankruptcy can shift priorities from tracing wrongdoing toward asset recovery and claims verification. For regulators and legislators, the Zondacrypto episode adds urgency to establishing clear oversight structures—especially if supervisory authorities are expected to monitor compliance risks that failed entities allegedly exploited.

Why the regulatory fight matters beyond one country

Poland’s standoff is not just a domestic political contest. It highlights a broader tension in the EU’s post-MiCA transition: even when the rulebook is defined at the European level, member states still control the speed and structure of enforcement through domestic legislation and supervisory mandates.

With KNF previously stating that a designated authority for supervising cryptoassets is still missing, the impact is practical. Firms aiming to comply with MiCA may find it difficult to map responsibilities when the supervisor’s role is uncertain, while regulators may face challenges coordinating enforcement without a clear institutional lead.

The Zondacrypto case also raises the political salience of crypto oversight. As criminal investigations expand and insolvency proceedings develop, policymakers may come under increased pressure to align regulatory authority, investigative capacity, and compliance requirements—particularly for platforms operating at the center of investor funds and custody arrangements.

What readers should watch next is whether lawmakers attempt another override vote or if the government and regulators pursue an alternative path to assign supervisory responsibility. The key uncertainty remains who will ultimately supervise cryptoassets in Poland as MiCA obligations move from EU law into day-to-day enforcement.