According to the latest data from CryptoQuant, the past month has seen Bitcoin exchange fund inflows characterized by a strong presence of short-term holders. Specifically, on September 12th, addresses holding Bitcoin for less than three months accounted for over 92% of total exchange inflows, while those holding for less than one week contributed more than 83% of the exchange inflows. This reflects the high activity level of short-term trading in the market. Notably, despite short-term traders leading the fund inflows, the volume of funds held for over three months increased from 0.55% on September 11th to 7.59% on September 12th. This suggests that as market volatility increased, some long-term holders began to take action, possibly to realize profits or express doubt about current price levels, choosing to exit the market. This indicates that investors have become more cautious in their approach, with greater uncertainty around price movements leading them to adopt a more conservative strategy. Overall, the trends in Bitcoin exchange fund flow demonstrate a dynamic balance between short-term and long-term holders, as well as different reactions from market participants to current market conditions. This phenomenon not only reveals investors' perspectives on Bitcoin's value but also reflects the overall market activity and changes in investor sentiment.