Glassnode, a prominent blockchain analytics firm, has issued a cautionary report concerning the current state of the Bitcoin market. Although recent inflows into U.S.-based spot Bitcoin ETFs reached a record $1.5 billion, pushing Bitcoin above its Short-Term Holder (STH) Cost Floor of $92,900, signaling growing institutional interest, Glassnode noted that this rally may not be fully bullish. 5% of Bitcoin’s circulating supply changed hands during the rise, and the Percentage of Supply in Profit climbed to 87.3%. This suggests a strong degree of profit-taking among short-term holders as evidenced by the STH Profit/Loss (P/L) Ratio reaching 1.0, a level indicative of heightened risk of market exits. Despite this surge, futures data reveals mixed signals, with open interest soaring by 15.6%, coupled with negative funding rates. This divergence suggests an increase in short positions despite rising prices, potentially setting the stage for a short squeeze if upward momentum continues.