**** Content is a supplement to today's video. Charts please refer to today's Youtube video****

Bitcoin pulled back slightly earlier, down about 0.5% from the previous day, a normal digestion after the sharp gains of the past few days. Ethereum around $2,750, SOL around $118.5, BNB around $788, HYPE around $97, SUI around $1.02, with most major coins showing range-bound consolidation.

Market sentiment indicators cooled in tandem: the Fear & Greed Index today stands at 71. Still in the “Greed” zone, down noticeably from the previous day’s 78 “Extreme Greed.” A moderate cooling from the overheated zone usually helps the trend remain healthier and more sustainable.

Institutional Buying and Short Covering Continue

According to public market data, corporate Bitcoin treasury strategies continue to add: Strategy purchased 950 Bitcoin (about $76 million) on September 21, while Strive bought 1,355 coins (about $107.7 million) the same day, for a combined total exceeding 2,200 coins. At the same time, short positions continue to be liquidated; on September 21 alone, roughly $648 million in Bitcoin short positions were forcibly closed, pushing Bitcoin futures open interest to $61.6 billion.

Bitcoin On-Chain Data: Dormant Coins Awaken, Yet Funds Continue Flowing Out of Exchanges

NUPL revised to 0.37, slightly lower than the previous day; profit-taking has eased but remains in the healthy “Belief” zone. SOPR at 1.0218, clearly up from recent days, indicating the average profit margin on Bitcoin sold continues to widen.

On exchange net flows, September 22 saw a net outflow of 18,785 Bitcoin from exchanges, a noticeably larger scale, meaning substantial amounts of Bitcoin were moved off exchanges into cold wallets or institutional custody.

Another signal worth noting today comes from the Coin Days Destroyed indicator: the single-day value on September 22 reached 32.54 million, a clear increase from the recent range of 3.4 million to 11.19 million, marking the highest level since August.

Quick fact: Coin Days Destroyed is a common on-chain “dormant coin activity” metric—each Bitcoin accumulates one coin-day for every day it is held. Once the coin is moved, the accumulated coin-days are destroyed. A spike indicates a large volume of long-dormant coins has been awakened.

Notably, this awakening of dormant coins occurred simultaneously with the day’s 18,785 Bitcoin net outflow from exchanges, rather than accompanying inflows. This combination is more consistent with long-term holders transferring positions (such as OTC trades or custody adjustments) than with panic selling. However, dormant-coin movements could also signal early profit-taking; further observation of whether exchange net flows turn into net inflows is warranted.

Ethereum On-Chain Data: Three Consecutive Days of Net Outflows from Exchanges

For Ethereum, NUPL stands at 0.253 and SOPR at 1.04 (using the latest available Glassnode figures), also showing profit-taking without overheating. On exchange net flows, September 21 recorded a net outflow of about 1,071 coins—the third consecutive trading day of net outflows, aligning with Bitcoin’s direction.

Spot ETF Fund Flows

Farside Investors data for September 21 shows Bitcoin spot ETFs recorded a single-day net inflow of $999 million, while Ethereum spot ETFs saw a $270 million net inflow. Positive inflows continued on September 22, with Bitcoin spot ETFs receiving $714.7 million and Ethereum spot ETFs $162.2 million. Although the figures dipped slightly, both maintained strong institutional buying momentum.

Other Observations: Binance Invests in Circle

Other major coins saw no notable independent catalysts today, with prices mostly consolidating in ranges. Another piece of news worth watching is Binance’s $100 million investment in stablecoin issuer Circle, launching a five-year USDC promotion partnership—a sizable strategic tie-up between an exchange and a leading stablecoin provider.

Summary

Overall, today’s pullback looks more like healthy profit-taking after last week’s sharp rally than a trend reversal (as of publication, Bitcoin has rebounded to $87,200). Exchange net flows indicate continued accumulation intent; the dormant-coin awakening signal appeared alongside outflows from exchanges. Combined with ongoing corporate buying and ETF inflows, the chip structure is shifting toward long-term holders and institutions. Going forward, watch whether sentiment indicators stay in the “Greed” zone, whether the net outflow trend from exchanges persists, and whether dormant-coin movements are accompanied by profit-taking selling pressure—these will be key indicators for assessing the health of this rally.

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Dormant Coins Awaken to New High Since August, Yet Exchanges See Simultaneous Net Outflow of 19,000 Coins