Analyst: Selling Pressure During BTC Decline Primarily Originates From Short-Term Holders
Analyst Murphy published an analysis noting that during the recent BTC pullback, the behavioral divergence between Short-Term Holders (STH) and Long-Term Holders (LTH) is pronounced. Data shows that short-term holders transferred an average of approximately 2,200 BTC to exchanges per hour over a 4-hour window, forming a distinct long spike far exceeding levels in other periods. This peak marks the 4th highest recorded since the market rally began in August this year, with two prior peaks on October 8 and 15 both occurring during downward price movements. The transfer volume on the 15th was already lower than that on the 8th, indicating easing selling pressure from "swing chips". In contrast, long-term holders only transferred an average of approximately 480 BTC per hour over the same 4-hour window, demonstrating their insensitivity to the current price decline and bearish macroeconomic expectations.
Source: PANewsRead original
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