Bitcoin is hovering around $81K, but there's one on-chain data point that's really worth pondering! On-chain data shows that the proportion of mid-term investors (holding Bitcoin for 6 to 12 months) transferring their coins to exchanges has dropped from 40.4% in mid-June to just 4.4% by mid-October. This isn’t just a haircut—it’s an ankle cut. These folks have a cost basis around $80K. Now that the price is back near their cost line, they’re not selling. ETFs are seeing outflows, U.S. stocks are dropping, and macro pressures are mounting. But mid-term holders and whales are choosing to stay put and even accumulate. Selling pressure hasn’t disappeared—it’s just that these people don’t plan to sell at this level. Whether $80K holds or not depends on them, not the ETFs. Unless there’s major negative news, Bitcoin’s downside in the short term seems pretty limited. However, after November 3rd, post-midterm elections, uncertainty could lead to significant price volatility.