A recent report released by HODL15Capital reveals the on-chain activity dynamics since the launch of Bitcoin spot ETFs in the United States. This year, over 1.1 million Bitcoins have been transferred to more robust holders, including 9 new ETFs and participation from MicroStrategy.

At the same time, there has been significant Bitcoin selling activity in the market. Grayscale's GBTC/BTC has sold a total of 373,787 Bitcoins, while the German government sold 50,000 Bitcoins. Additionally, miners have mined a total of 209,683 Bitcoins during this period. This data provides important on-chain activity insights for market participants.