According to CryptoQuant data, most of the inflows to bitcoin exchanges over the past month have come from short-term holders. The data shows that on September 12, addresses that have held bitcoin for less than three months accounted for more than 92% of the total inflows to exchanges. More than 83% of the inflows to exchanges came from coins held for less than a week. Inflows of money held for more than three months increased from 0.55% on September 11 to 7.59% on September 12, indicating that some long-term holders are also starting to take profits. While short-term traders dominated the inflows, the slight uptick in long-term selling reflects growing caution among investors who may view the current price level as an opportunity to exit.