According to Glassnode data, the activity of short-term Bitcoin holders (STH) has significantly increased recently. On January 12th, the largest-scale STH activity since May 2021 occurred, during which $6.1 billion worth of Bitcoin was transferred. This large-scale transfer is mainly attributed to profit-taking as Bitcoin reached a high point of $49,000 due to the approval of an ETF. On January 15th, in the largest single-day drop experienced by Bitcoin since the FTX crash, STH transferred a record-breaking $4 billion worth of Bitcoin. One day later on January 16th, these STH transferred $3 billion worth of Bitcoin to exchanges with profits and losses almost equaling each other - profits being $1.6 billion and losses being $1.4 billion. These numbers indicate that there is an increase in volatility and activity among short-term Bitcoin holders, suggesting passive market behavior.