The trading dynamics of Bitcoin ETFs on January 10th and 11th demonstrated the behavior trends of short-term holders (STH). Short-term investors who held Bitcoin for less than 155 days transferred a total of $6.1 billion to exchanges on these two days, setting a record high since May 2021. It is reported that a large part of these transfers (2 billion dollars on January 10th and a record-breaking $2.263 billion on January 11th) were realized by sending profits to exchanges, highlighting that short-term holders have adopted specific investment strategies, resulting in substantial profits from the digital asset market.