Analyst: During the decline of BTC, long-term holders transferring to exchanges remained low, and the selling pressure from short-term holders weakened

On-chain analyst Murphy posted on the X platform, stating that during the recent decline of BTC, the scale of short-term holders (STH) transferring BTC to exchanges has significantly increased, averaging about 2,200 BTC transferred per hour over a 4-hour period, reaching the fourth highest level since the market rally began in August this year. However, the peak of transfers has fallen below that of October 8, indicating that the potential selling pressure from short-term holders has weakened.

In contrast, long-term holders (LTH) transferred an average of only about 480 BTC to exchanges per hour during the same period, which is about one-fifth of the short-term holders. Murphy pointed out that on October 8, long-term holders experienced a peak transfer of about 3,700 BTC per hour, which may be partly related to asset transfers triggered by security incidents involving hardware wallets. However, considering that both short-term and long-term holders experienced large-scale transfers that day, and the rapid decline in BTC prices, there remains actual selling pressure in the market. Murphy believes that during the current decline, the main transfers to exchanges are from short-term holders, while long-term holders remain relatively stable overall, and the intensity of transfers from short-term holders has weakened compared to before, reflecting that the structure of BTC holders still has a certain resilience.