Short-term holders just took the most profits since the 2021 ATH and most of those coins were bought at the bear market low of about $15.4k.

Every rally is used by someone as some kind of an exit liquidity or just profit-taking, it was no different without current rally to above $28k and especially in a bear market many would love to take profits at every small chance. The cohort (aka holding group) that would take the most profits would seem to be the short-term holders.

And indeed that is the case, with our euphoric 80% rally off lows there were plenty of chances to take profits and arguably the best one was our recent rally to above $28k, just simultanously to banks collapsing. There we just saw the most profits being taken since the BTC $69k peak in 2021, the peak of the last bull market.

Chart from Glassnode

Over $292M in profits were take just through this one 30% move up on just Bitcoin, in the past few years only 297 days recorded a higher amount of profit-taking than right now by the short-term holders.

More than that, we can assume with a high probability that most of those coins were actually purchased during our current bear market low of just above $15k, meaning that even some short-term holders were confident enough to purchase down there.