Summary

Bitcoin's rise to $93,000 is driven by robust capital inflows, with approximately $62.9 billion of capital entering the digital asset space in the past 30 days.

ETFs have played a crucial role, absorbing more than 90% of the selling pressure from long-term holders.

However, as unrealized profits reach more extreme levels, we can expect LTH spending to increase, with short-term spending surpassing ETF inflows in the near term.